On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Dalmia Bharat has increased
10.01% to Rs 4307 crore.
Operating profit margin has declined
from 18.14% to 15.18%, leading to 7.89% decline in operating profit to Rs
654.00 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 14.21% to 15.04%. Purchase of finished
goods cost rose from 1.23% to 5.13%. Employee cost decreased from
5.10% to 4.84%. Other expenses fell from 60.49% to 59.30%.
Power and Oil fuel cost fell from 23.27% to 18.94%.
Freight charges rose from 21.96% to 24.46%.
Other income rose 215.79% to Rs 120
crore. PBIDT rose 3.48% to Rs 774 crore. Provision for
interest rose 46.88% to Rs 94 crore. Loan funds rose to Rs 4,805.00
crore as of 31 March 2024 from Rs 3,855.00 crore as of 31 March
2023. Inventories declined from Rs 1,316.00 crore as of 31 March
2023 to Rs 1,218.00 crore as of 31 March 2024. Sundry debtors were
higher at Rs 836.00 crore as of 31 March 2024 compared to Rs 700.00 crore as of
31 March 2023. Cash and bank balance rose to Rs 582.00 crore as of
31 March 2024 from Rs 285.00 crore as of 31 March 2023. Investments
rose to Rs 4,462.00 crore as of 31 March 2024 from Rs 3,524.00 crore as of 31
March 2023 .
PBDT fell 0.58% to Rs 680
crore. Provision for depreciation fell 2.38% to Rs 328
crore. Fixed assets increased to Rs 17,600.00 crore as of 31 March
2024 from Rs 15,925.00 crore as of 31 March 2023. Intangible assets
declined from Rs 730.00 crore to Rs 527.00 crore.
Profit before tax grew 1.15% to Rs
352.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 32 crore, compared to
Rs 125 crore. Effective tax rate was 9.09% compared to 17.05%.
Minority interest decreased 75% to
Rs 5.00 crore. Net profit attributable to owners of the company
decreased 46.43% to Rs 315.00 crore.
Equity capital increased from Rs
37.00 crore as of 31 March 2023 to Rs 38.00 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 55.84% as of 31
March 2024 ,compared to 55.86% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Dalmia Bharat has increased
8.40% to Rs 14691 crore.
Operating profit margin has jumped
from 17.18% to 17.96%, leading to 13.36% rise in operating profit to Rs
2,639.00 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 14.09% to 14.45%. Purchase of
finished goods cost rose from 0.38% to 3.86%. Employee cost
increased from 5.70% to 5.94%. Other expenses fell from 62.62% to
57.77%. Power and Oil fuel cost fell from 27.19% to 21.23%. Freight
charges rose from 20.71% to 21.83%.
Other income rose 150% to Rs 315
crore. PBIDT rose 20.37% to Rs 2954 crore. Provision for
interest rose 64.96% to Rs 386 crore. Loan funds rose to Rs 4,805.00
crore as of 31 March 2024 from Rs 3,855.00 crore as of 31 March
2023. Inventories declined from Rs 1,316.00 crore as of 31 March
2023 to Rs 1,218.00 crore as of 31 March 2024. Sundry debtors were
higher at Rs 836.00 crore as of 31 March 2024 compared to Rs 700.00 crore as of
31 March 2023. Cash and bank balance rose to Rs 582.00 crore as of
31 March 2024 from Rs 285.00 crore as of 31 March 2023. Investments
rose to Rs 4,462.00 crore as of 31 March 2024 from Rs 3,524.00 crore as of 31
March 2023 .
PBDT rose 15.68% to Rs 2568
crore. Provision for depreciation rose 14.79% to Rs 1498 crore. Fixed
assets increased to Rs 17,600.00 crore as of 31 March 2024 from Rs 15,925.00
crore as of 31 March 2023. Intangible assets declined from Rs 730.00
crore to Rs 527.00 crore.
Profit before tax grew 16.94% to Rs
1,070.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 216 crore, compared to
Rs 242 crore. Effective tax rate was 20.19% compared to 18.26%.
Minority interest decreased 38.64%
to Rs 27.00 crore. Net profit attributable to owners of the company
decreased 20.40% to Rs 827.00 crore.
Equity capital increased from Rs
37.00 crore as of 31 March 2023 to Rs 38.00 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 55.84% as of 31
March 2024 ,compared to 55.86% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 2,635.00 crore for year ended March 2024 from Rs 2,252.00 crore
for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 2,827.00 crore, compared to Rs
2,709.00 crore during the year ended March 2023.
Operational highlights:
For Q4FY2024
Volume increased 18.5%
YoY to 8.8 MnT
EBITDA/Tdeclined
22.2% YoY to Rs. 743/T
For FY2024
Volume stood at 28.8
Million ton up 11.8% YoY.
EBITDA/T increased 1.4%
YoY to Rs. 917/T
Others:
Cement installed capacity
increased 15.6% to 44.6 MnTPA as on Mar 31, 2024.
Management Commentary:
Commenting on the
quarter gone by, Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat,
said, “Cement sector has a pivotal role in India`s growth story and
infrastructure, housing and private capex will drive the demand growth for the
next decade and beyond. During FY24 we delivered a volume growth of 11.8% at
28.8Mnt and EBITDA growth of 13.4% at Rs.2,639Cr. We will continue to work on
gaining market share and improving realizations while deepening the cost
leadership. I remain excited about the tremendous opportunity ahead and believe
that we are on a clear path of accelerated growth backed by sustainable
business investments, strong Balance Sheet and a dedicated team.”
Mr. Dhrmendra Tuteja,
CFO – Dalmia Bharat said, “We bounced back and delivered an industry-leading
volume growth of 18.5% YoY during the quarter. However, unexpected drop in
cement prices led to EBITDA erosion during the quarter with EBITDA margin declining
from 18.1% in Q4’23 to 15.2% in current quarter. During the ensuing year, we
will continue to focus on our levers of long-term cost savings including
renewable energy, operationalizing our captive coal mines, digitization of
supply chain and invest in our brand.”
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 4,307.00 | 3,915.00 | 10.01 | 14,691.00 | 13,552.00 | 8.40 | | OPM (%) | 15.18 | 18.14 | -295 bps | 17.96 | 17.18 | 79 bps | | OP | 654.00 | 710.00 | -7.89 | 2,639.00 | 2,328.00 | 13.36 | | Other Inc. | 120.00 | 38.00 | 215.79 | 315.00 | 126.00 | 150.00 | | PBIDT | 774.00 | 748.00 | 3.48 | 2,954.00 | 2,454.00 | 20.37 | | Interest | 94.00 | 64.00 | 46.88 | 386.00 | 234.00 | 64.96 | | PBDT | 680.00 | 684.00 | -0.58 | 2,568.00 | 2,220.00 | 15.68 | | Depreciation | 328 | 336 | -2.38 | 1498 | 1305 | 14.79 | | PBT | 352.00 | 348.00 | 1.15 | 1070 | 915 | 16.94 | | Share of Profit/(Loss) from Associates | 0 | 529 | - | 0 | 554 | - | | PBT before EO | 352 | 877 | -59.86 | 1070 | 1469 | -27.16 | | EO Income | 0 | -144 | - | 0 | -144 | - | | PBT after EO | 352 | 733 | -51.98 | 1070 | 1325 | -19.25 | | Taxation | 32 | 125 | -74.40 | 216 | 242 | -10.74 | | PAT | 320 | 608 | -47.37 | 854 | 1083 | -21.14 | | Minority Interest (MI) | 5 | 20 | -75.00 | 27 | 44 | -38.64 | | Net profit | 315 | 588 | -46.43 | 827 | 1039 | -20.40 | | P/(L) from discontinued operations net of tax | 0 | 1 | - | -1 | -4 | 75.00 | | Net profit after discontinued operations | 315 | 589 | -46.52 | 826 | 1035 | -20.19 | | EPS (Rs)* | 16.80 | 33.57 | -49.97 | 44.10 | 60.23 | -26.79 | | | * 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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