On consolidated basis
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating
income) of Dalmia Bharat has increased 9.75% to Rs 3624 crore.
Operating profit margin has declined
from 17.84% to 16.83%, leading to 3.57% rise in operating profit to Rs 610.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.21% to 14.57%. Purchase of finished
goods cost rose from 0.06% to 2.60%. Employee cost increased from
5.96% to 6.01%. Other expenses fell from 63.05% to 60.29%.
Power and Oil fuel cost fell from 28.65% to 24.43%. Freight
charges rose from 20.52% to 21.91%.
Other
income rose 159.09% to Rs 57 crore. PBIDT rose 9.17% to Rs 667
crore. Provision for interest rose 76.60% to Rs 83
crore.
PBDT
rose 3.55% to Rs 584 crore. Provision for depreciation rose 27.88%
to Rs 399 crore.
Profit
before tax down 26.59% to Rs 185.00 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 41
crore, compared to Rs 64 crore. Effective tax rate was 22.16%
compared to 23.79%.
Minority interest increased 55.56%
to Rs 14.00 crore. Net profit attributable to owners of the company
decreased 33.67% to Rs 130.00 crore.
Promoters’
stake was 55.86% as of 30 June 2023 ,compared to 55.90% as of 30 June 2022
.
Full year results analysis.
Net sales (including other operating
income) of Dalmia Bharat has increased 19.97% to Rs 13540 crore.
Operating profit margin has declined
from 21.50% to 17.10%, leading to 4.53% decline in operating profit to Rs
2,316.00 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.48% to 14.10%. Purchase of
finished goods cost rose from 0.06% to 0.38%. Employee cost
decreased from 6.55% to 5.70%. Other expenses rose from 58.53% to
62.68%. Power and Oil fuel cost rose from 22.64% to 27.22%.
Freight charges fell from 20.75% to 20.73%.
Other
income fell 13.75% to Rs 138 crore. PBIDT fell 5.10% to Rs 2454
crore. Provision for interest rose 15.84% to Rs 234
crore. Loan funds rose to Rs 3,855.00 crore as of 31 March 2023 from
Rs 3,176.00 crore as of 31 March 2022. Inventories rose to Rs
1,316.00 crore as of 31 March 2023 from Rs 945.00 crore as of 31 March
2022. Sundry debtors were higher at Rs 700.00 crore as of 31 March
2023 compared to Rs 673.00 crore as of 31 March 2022. Cash and bank
balance rose to Rs 285.00 crore as of 31 March 2023 from Rs 160.00 crore as of
31 March 2022. Investments declined from Rs 5,704.00 crore as of 31
March 2022 to Rs 3,525.00 crore as of 31 March 2023.
PBDT
fell 6.88% to Rs 2220 crore. Provision for depreciation rose 5.67%
to Rs 1305 crore. Fixed assets declined from Rs 14,248.00 crore as
of 31 March 2022 to Rs 13,470.00 crore as of 31 March
2023. Intangible assets increased from Rs 933.00 crore to Rs
3,185.00 crore.
Profit
before tax down 20.37% to Rs 915.00 crore. Share of profit/loss was
10,980% higher at Rs 554 crore. Extraordinary items were decreased
to Rs -144.00 crore. Provision for tax was expense of Rs 242 crore,
compared to Rs 315 crore. Effective tax rate was 18.26% compared to
27.34%.
Minority
interest increased 51.72% to Rs 44.00 crore. Net profit attributable
to owners of the company increased 28.59% to Rs 1,039.00 crore.
Equity
capital stood at Rs 37.00 crore as of 31 March 2023 to Rs 37.00 crore as of 31
March 2022. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 55.86% as of 31 March 2023 ,compared to 55.90% as of 31 March 2022
.
Cash
flow from operating activities increased to Rs 2,252.00 crore for year ended
March 2023 from Rs 1,932.00 crore for year ended March 2022. Cash flow
used in acquiring fixed assets during the year ended March 2023 stood at Rs
2,709.00 crore, compared to Rs 1,769.00 crore during the year ended March
2022.
Operational highlights:
For Q1FY2024
Volume stood at 7.0
Million ton up 12.4% YoY.
EBITDA/ton stood at
Rs 872 down 7.4% yoy.
Others:
Installed capacity
increased to 41.7 MnTPA as on June 2023.
Renewable Energy
capacity increased to 170 MW.
Capacity Expansion:
Commenced commercial
production at Bokaro Cement Manufacturing Works, Jharkhand (2.5 MnT).
Completed
debottlenecking at Midnapore, West Bengal (0.6 MnT). Total Plant capacity increased
to 4.6 MnT.
Commenced Trial Run
of Greenfield Split Grinding Unit at Sattur, Tamil Nadu (2.0 MnT).
Management Commentary:
Commenting on the
performance Mr. Puneet Dalmia, Managing Director – Dalmia Bharat Limited, said,
We are in midst of a strong demand environment on the back of a sustained push
by the Government on infrastructure and a robust real estate cycle already kicking
in. Though we have strong conviction in our ability to outperform the industry,
this quarter has been a disappointment as against our expectations. Having said
so, we remain focused on seizing the emerging demand opportunities, sustaining
our position as a cost leader and delivering sustainable return to our
stakeholders.
Mr. Mahendra Singhi,
Managing Director and CEO – Dalmia Cement (Bharat) Limited said, “During the
quarter gone by, we delivered a 12%YoY growth in cement volumes and witnessed further
softening of fuel prices. Given the promising outlook for cement demand,
expectation of stable cement prices during rest of the year and softening in
commodity costs, we anticipate a gradual improvement in profitability.
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,624.00 | 3,302.00 | 9.75 | 13,540.00 | 11,286.00 | 19.97 | | OPM (%) | 16.83 | 17.84 | -101 bps | 17.10 | 21.50 | -439 bps | | OP | 610.00 | 589.00 | 3.57 | 2,316.00 | 2,426.00 | -4.53 | | Other Inc. | 57.00 | 22.00 | 159.09 | 138.00 | 160.00 | -13.75 | | PBIDT | 667.00 | 611.00 | 9.17 | 2,454.00 | 2,586.00 | -5.10 | | Interest | 83.00 | 47.00 | 76.60 | 234.00 | 202.00 | 15.84 | | PBDT | 584.00 | 564.00 | 3.55 | 2,220.00 | 2,384.00 | -6.88 | | Depreciation | 399 | 312 | 27.88 | 1305 | 1235 | 5.67 | | PBT | 185.00 | 252.00 | -26.59 | 915 | 1149 | -20.37 | | Share of Profit/(Loss) from Associates | 0 | 17 | - | 554 | 5 | 10,980.00 | | PBT before EO | 185 | 269 | -31.23 | 1469 | 1154 | 27.30 | | EO Income | 0 | 0 | - | -144 | -2 | -7,100.00 | | PBT after EO | 185 | 269 | -31.23 | 1325 | 1152 | 15.02 | | Taxation | 41 | 64 | -35.94 | 242 | 315 | -23.17 | | PAT | 144 | 205 | -29.76 | 1083 | 837 | 29.39 | | Minority Interest (MI) | 14 | 9 | 55.56 | 44 | 29 | 51.72 | | Net profit | 130 | 196 | -33.67 | 1039 | 808 | 28.59 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | -4 | 8 | PL | | Net profit after discontinued operations | 130 | 196 | -33.67 | 1035 | 816 | 26.84 | | EPS (Rs)* | 6.93 | 10.45 | -33.67 | 60.25 | 43.17 | 39.56 | | | * EPS is on current equity of Rs 37.50 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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