On consolidated basis
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Dalmia Bharat has increased
7.30% to Rs 3600 crore.
Operating profit margin has jumped
from 19.20% to 21.53%, leading to 20.34% rise in operating profit to Rs 775.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.17% to 13.84%. Purchase of finished
goods cost rose from 0.03% to 3.87%. Employee cost increased from
5.55% to 6.12%. Other expenses fell from 61.74% to 54.73%.
Power and Oil fuel cost fell from 27.71% to 20.09%.
Freight charges rose from 20.18% to 20.56%.
Other income rose 77.78% to Rs 64 crore. PBIDT
rose 23.38% to Rs 839 crore. Provision for interest rose 56.52% to
Rs 108 crore.
PBDT rose 19.64% to Rs 731
crore. Provision for depreciation rose 13.85% to Rs 370
crore.
Profit before tax grew 26.22% to Rs
361.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 95 crore, compared to
Rs 74 crore. Effective tax rate was 26.32% compared to 25.69%.
Minority interest decreased 78.57%
to Rs 3.00 crore. Net profit attributable to owners of the company
increased 31.50% to Rs 263.00 crore.
Promoters’ stake was 55.84% as of 31
December 2023 ,compared to 55.86% as of 31 December
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Dalmia Bharat has increased
7.74% to Rs 10373 crore.
Operating profit margin has jumped
from 16.71% to 19.03%, leading to 22.68% rise in operating profit to Rs
1,974.00 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 14.05% to 14.23%. Purchase of
finished goods cost rose from 0.06% to 3.36%. Employee cost
increased from 5.93% to 6.38%. Other expenses fell from 63.50% to
57.22%. Power and Oil fuel cost fell from 28.72% to 22.17%. Freight
charges rose from 20.25% to 20.80%.
Other income rose 112.37% to Rs 206
crore. PBIDT rose 27.78% to Rs 2180 crore. Provision for
interest rose 71.76% to Rs 292 crore.
PBDT rose 22.92% to Rs 1888
crore. Provision for depreciation rose 20.74% to Rs 1170
crore.
Profit before tax grew 26.63% to Rs
718.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 184 crore, compared to
Rs 117 crore. Effective tax rate was 25.63% compared to 19.76%.
Minority interest decreased 8.33% to
Rs 22.00 crore. Net profit attributable to owners of the company
increased 13.53% to Rs 512.00 crore.
Promoters’ stake was 55.84% as of 31
December 2023 ,compared to 55.86% as of 31 December 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 3,524.00 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 increased to Rs 15,925.00 crore as of 31 March
2023 from Rs 14,248.00 crore as of 31 March 2022. Intangible assets
declined from Rs 933.00 crore to Rs 730.00 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 Q3FY2024
Volume increased
8.1% YoY to 6.8 MnT
EBITDA/T increased 11.3%
YoY to Rs. 1138/T
For 9MFY2024
Volume stood at 20.0
Million ton up 9.1% YoY.
EBITDA/T increased 12.5%
YoY to Rs. 988/T
Others:
Cement installed
capacity increased to 44.6 MnTPA as on Dec 2023 with commissioning of 0.9 mnt
at Belgaum.
Management Commentary:
Commenting on the
quarter gone by, Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat,
said, “India has undergone a huge metamorphosis with a lot of reforms in the last
decade. With this, the base for sustainable growth has been set, the momentum
is clearly built and we are now clearly transitioned from a Reform Phase into a
fast Growth phase. Foreseeing this massive growth opportunity, we remain
committed to our plan of 110-130 MnT by 2031.”
He further added,
“Our sales volume improved 8.1% YoY with EBITDA growing 20.3%YoY to Rs. 775 Cr
in Q3FY24. With the cement price being largely stable, correction in commodity
prices has led to margin recovery; from the lows of 12.8% in Q2FY23 to 21.5%
during Q3FY24. While we believe that margins may improve further from here on,
our focus for next 12-15 months would remain on improving our capacity
utilization and delivering industry leading volume growth.”
Mr. Dhrmendra Tuteja,
CFO – Dalmia Bharat said, “We continue to remain one of the lowest cost
producers in the country. This, along with softening commodity prices, helped
us to achieve 11.3% YoY growth in our EBITDA/T to Rs 1,138. We continue to further
strengthen our operational efficiencies through strategic investments. In line
with our commitment to keep net debt at less than 2 time of EBITDA, we closed
this quarter with Net Debt to EBITDA at 0.16 times. Our Net Debt is now reduced
to Rs 431 Cr”
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,600.00 | 3,355.00 | 7.30 | 10,373.00 | 9,628.00 | 7.74 | 13,540.00 | 11,286.00 | 19.97 | | OPM (%) | 21.53 | 19.20 | 233 bps | 19.03 | 16.71 | 232 bps | 17.10 | 21.50 | -439 bps | | OP | 775.00 | 644.00 | 20.34 | 1,974.00 | 1,609.00 | 22.68 | 2,316.00 | 2,426.00 | -4.53 | | Other Inc. | 64.00 | 36.00 | 77.78 | 206.00 | 97.00 | 112.37 | 138.00 | 160.00 | -13.75 | | PBIDT | 839.00 | 680.00 | 23.38 | 2,180.00 | 1,706.00 | 27.78 | 2,454.00 | 2,586.00 | -5.10 | | Interest | 108.00 | 69.00 | 56.52 | 292.00 | 170.00 | 71.76 | 234.00 | 202.00 | 15.84 | | PBDT | 731.00 | 611.00 | 19.64 | 1,888.00 | 1,536.00 | 22.92 | 2,220.00 | 2,384.00 | -6.88 | | Depreciation | 370 | 325 | 13.85 | 1170 | 969 | 20.74 | 1305 | 1235 | 5.67 | | PBT | 361.00 | 286.00 | 26.22 | 718 | 567 | 26.63 | 915 | 1149 | -20.37 | | Share of Profit/(Loss) from Associates | 0 | 2 | - | 0 | 25 | - | 554 | 5 | 10,980.00 | | PBT before EO | 361 | 288 | 25.35 | 718 | 592 | 21.28 | 1469 | 1154 | 27.30 | | EO Income | 0 | 0 | - | 0 | 0 | - | -144 | -2 | -7,100.00 | | PBT after EO | 361 | 288 | 25.35 | 718 | 592 | 21.28 | 1325 | 1152 | 15.02 | | Taxation | 95 | 74 | 28.38 | 184 | 117 | 57.26 | 242 | 315 | -23.17 | | PAT | 266 | 214 | 24.30 | 534 | 475 | 12.42 | 1083 | 837 | 29.39 | | Minority Interest (MI) | 3 | 14 | -78.57 | 22 | 24 | -8.33 | 44 | 29 | 51.72 | | Net profit | 263 | 200 | 31.50 | 512 | 451 | 13.53 | 1039 | 808 | 28.59 | | P/(L) from discontinued operations net of tax | 0 | 4 | - | -1 | -5 | 80.00 | -4 | 8 | PL | | Net profit after discontinued operations | 263 | 204 | 28.92 | 511 | 446 | 14.57 | 1035 | 816 | 26.84 | | EPS (Rs)* | 14.02 | 10.66 | 31.50 | 27.30 | 24.05 | 13.53 | 60.23 | 43.16 | 39.56 | | | * EPS is on current equity of Rs 37.51 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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