On consolidated basis
Quarter ended September
2022 compared with Quarter ended September 2021.
Net sales (including other operating income) of Dalmia Bharat has increased
15.11% to Rs 2971 crore.
Operating profit margin
has declined from 24.06% to 12.69%, leading to 39.29% decline in operating
profit to Rs 377.00 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 12.80% to 14.86%. Purchase
of finished goods cost rose from 0.08% to 0.10%. Employee cost
decreased from 7.68% to 6.35%. Other expenses rose from 55.37% to
66.02%. Power and Oil fuel cost rose from 19.66% to 29.98%.
Freight charges rose from 19.50% to 20.03%.
Other income fell 15.56%
to Rs 38 crore. PBIDT fell 37.69% to Rs 415
crore. Provision for interest rose 8% to Rs 54
crore. Loan funds rose to Rs 3,369.00 crore as of 30 September 2022
from Rs 3,136.00 crore as of 30 September 2021. Inventories rose to
Rs 1,239.00 crore as of 30 September 2022 from Rs 974.00 crore as of 30
September 2021. Sundry debtors were higher at Rs 694.00 crore as of
30 September 2022 compared to Rs 544.00 crore as of 30 September
2021. Cash and bank balance declined from Rs 130.00 crore as of 30
September 2021 to Rs 108.00 crore as of 30 September
2022. Investments declined from Rs 4,336.00 crore as of 30 September
2021 to Rs 3,636.00 crore as of 30 September 2022.
PBDT fell 41.40% to Rs
361 crore. Provision for depreciation rose 9.57% to Rs 332
crore. Fixed assets increased to Rs 14,944.00 crore as of 30
September 2022 from Rs 11,131.00 crore as of 30 September
2021. Intangible assets declined from Rs 3,469.00 crore to Rs 831.00
crore.
Profit before tax down
90.73% to Rs 29.00 crore. Share of profit/loss was 500% higher at Rs
6 crore. Provision for tax was credit of Rs 21 crore, compared to
debit of Rs 92 crore. Effective tax rate was negative 60.00%
compared to 29.87%.
Minority interest
decreased 80% to Rs 1.00 crore. Net profit attributable to owners of
the company decreased 73.93% to Rs 55.00 crore.
Equity capital stood at
Rs 37.00 crore as of 30 September 2022 to Rs 37.00 crore as of 30 September
2021. Per share face Value remained same at Rs 2.00.
Promoters’ stake was
55.87% as of 30 September 2022 ,compared to 55.97% as of 30 September 2021
.
year-to-date (YTD)
results analysis.
Net sales (including other operating income) of Dalmia Bharat has increased
21.29% to Rs 6273 crore.
Operating profit margin
has declined from 25.87% to 15.40%, leading to 27.80% decline in operating
profit to Rs 966.00 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 13.87% to 13.99%.
Purchase of finished goods cost rose from 0.04% to 0.08%. Employee
cost decreased from 7.17% to 6.14%. Other expenses rose from 53.73%
to 64.45%. Power and Oil fuel cost rose from 19.33% to 29.28%.
Freight charges rose from 19.20% to 20.29%.
Other income fell 15.49%
to Rs 60 crore. PBIDT fell 27.18% to Rs 1026
crore. Provision for interest fell 8.18% to Rs 101
crore. Loan funds rose to Rs 3,369.00 crore as of 30 September 2022
from Rs 3,136.00 crore as of 30 September 2021. Inventories rose to
Rs 1,239.00 crore as of 30 September 2022 from Rs 974.00 crore as of 30
September 2021. Sundry debtors were higher at Rs 694.00 crore as of
30 September 2022 compared to Rs 544.00 crore as of 30 September
2021. Cash and bank balance declined from Rs 130.00 crore as of 30
September 2021 to Rs 108.00 crore as of 30 September 2022. Investments
declined from Rs 4,336.00 crore as of 30 September 2021 to Rs 3,636.00 crore as
of 30 September 2022.
PBDT fell 28.79% to Rs
925 crore. Provision for depreciation rose 7.33% to Rs 644
crore. Fixed assets increased to Rs 14,944.00 crore as of 30
September 2022 from Rs 11,131.00 crore as of 30 September
2021. Intangible assets declined from Rs 3,469.00 crore to Rs 831.00
crore.
Profit before tax down
59.80% to Rs 281.00 crore. Share of profit/loss was 666.67% higher
at Rs 23 crore. Provision for tax was expense of Rs 43 crore,
compared to Rs 189 crore. Effective tax rate was 14.14% compared to
27.16%.
Minority interest
decreased 37.50% to Rs 10.00 crore. Net profit attributable to
owners of the company decreased 48.88% to Rs 251.00 crore.
Equity capital stood at
Rs 37.00 crore as of 30 September 2022 to Rs 37.00 crore as of 30 September
2021. Per share face Value remained same at Rs 2.00.
Promoters’ stake was
55.87% as of 30 September 2022 ,compared to 55.97% as of 30 September 2021
.
Cash flow from operating
activities decreased to Rs 412.00 crore for YTD ended September 2022 from Rs
765.00 crore for YTD ended September 2021. Cash flow used in
acquiring fixed assets during the YTD ended September 2022 stood at Rs 1,165.00
crore, compared to Rs 755.00 crore during the YTD ended September
2021.
Full year results analysis.
Net sales (including other operating income) of Dalmia Bharat has increased
11.63% to Rs 11286 crore. Sales of Cement segment has gone up 11.63%
to Rs 11,262.00 crore (accounting for 98.31% of total sales). Sales
of Others segment has gone up 9.60% to Rs 194.00 crore (accounting for 1.69% of
total sales). Inter-segment sales rose Rs 156.00 crore to Rs 170.00
crore.
Profit before interest,
tax and other unallocable items (PBIT) has slumped 20.74% to Rs 1,215.00
crore. PBIT of Cement segment fell 21.02% to Rs 1,195.00 crore
(accounting for 98.35% of total PBIT). PBIT of Others segment fell
0.00% to Rs 20.00 crore (accounting for 1.65% of total PBIT).
PBIT margin of Cement
segment fell from 15.00% to 10.61%. PBIT margin of Others segment
fell from 11.30% to 10.31%. Overall PBIT margin fell from 14.93% to
10.61%.
Operating profit margin
has declined from 27.39% to 21.54%, leading to 12.21% decline in operating
profit to Rs 2,431.00 crore. Raw material cost as a % of total sales
(net of stock adjustments) decreased from 14.67% to 13.48%.
Purchase of finished goods cost fell from 0.09% to 0.06%.
Employee cost decreased from 6.56% to 6.55%. Other
expenses rose from 51.13% to 58.49%. Power and Oil fuel cost rose
from 16.51% to 22.64%. Freight charges rose from 20.63% to 20.75%.
Loss on forex transaction fell from 0.08% to 0.04%.
Other income fell 14.36%
to Rs 155 crore. PBIDT fell 12.34% to Rs 2586
crore. Provision for interest fell 33.11% to Rs 202
crore. Loan funds declined from Rs 3,839.00 crore as of 31 March
2021 to Rs 3,176.00 crore as of 31 March 2022. Inventories rose to
Rs 945.00 crore as of 31 March 2022 from Rs 760.00 crore as of 31 March
2021. Sundry debtors were higher at Rs 673.00 crore as of 31 March
2022 compared to Rs 511.00 crore as of 31 March 2021. Cash and bank
balance declined from Rs 247.00 crore as of 31 March 2021 to Rs 160.00 crore as
of 31 March 2022. Investments rose to Rs 5,704.00 crore as of 31
March 2022 from Rs 4,033.00 crore as of 31 March 2021 .
PBDT fell 9.97% to Rs
2384 crore. Provision for depreciation fell 1.20% to Rs 1235
crore. Fixed assets increased to Rs 14,248.00 crore as of 31 March
2022 from Rs 10,878.00 crore as of 31 March 2021. Intangible assets
declined from Rs 3,754.00 crore to Rs 933.00 crore.
Profit before tax down
17.81% to Rs 1,149.00 crore. Extraordinary items were increased to
Rs -2.00 crore. Provision for tax was expense of Rs 315 crore,
compared to Rs 178 crore. Effective tax rate was 27.34% compared to
13.06%.
Minority interest
increased 141.67% to Rs 29.00 crore. Net profit attributable to
owners of the company decreased 31.12% to Rs 808.00 crore.
Equity capital stood at
Rs 37.00 crore as of 31 March 2022 to Rs 37.00 crore as of 31 March
2021. Per share face Value remained same at Rs 2.00.
Promoters’ stake was
55.90% as of 31 March 2022 ,compared to 55.97% as of 31 March 2021
.
Cash flow from operating
activities decreased to Rs 1,937.00 crore for year ended March 2022 from Rs
3,604.00 crore for year ended March 2021. Cash flow used in
acquiring fixed assets during the year ended March 2022 stood at Rs 1,769.00
crore, compared to Rs 1,035.00 crore during the year ended March
2021.
Dividend:
The Board of Directors have declared
an interim dividend of Rs 4 per equity share
Operational Highlights:
Volume increased 13.2% YoY to 5.8 MnT
in Q2FY2023
EBITDA/T stood at Rs. 655/T
Expansion:
Added Renewable power capacity of 24
MW
Management Commentary:
Commenting on the quarter gone by, Mr. Puneet
Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said,
"Despite a steep inflationary environment, we are pleased with our
performance during the first half of this year and we believe that for the
industry, the worst is behind. While the geopolitical turmoil continues, we
remain confident on the resilience of the Indian economy as it solidifies its
position as a key contributor to the global growth & consumption
center." He further added, "Driven by revival in housing and the
government`s continual push for infrastructure, we expect cement demand to be
robust. Looking ahead, we remain focused on further progressing on our capacity
expansion plan along with providing top-tier returns for our
stakeholders."
Mr. Mahendra Singhi, Managing Director and CEO
– Dalmia Cement (Bharat) Limited said, "Despite a seasonally weak quarter,
we are encouraged with recent momentum in prices and volumes. Our past
investments in strengthening our operational efficiencies and cost
rationalizations have enabled us maintain our low-cost leadership. He also
mentioned that, "We expect profitability to significantly improve for the
rest of the year as the benefits of correction in fuel prices will start
getting reflected in the current quarter. I am cautiously optimistic about the
opportunity that lies ahead of us and with all our collective team efforts, I
am confident that Dalmia Bharat will meet its commitment of capacity expansion
while delivering sustainable earnings growth." | Dalmia Bharat : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,971.00 | 2,581.00 | 15.11 | 6,273.00 | 5,172.00 | 21.29 | 11,286.00 | 10,110.00 | 11.63 | | OPM (%) | 12.69 | 24.06 | -1,137 bps | 15.40 | 25.87 | -1,047 bps | 21.54 | 27.39 | -585 bps | | OP | 377.00 | 621.00 | -39.29 | 966.00 | 1,338.00 | -27.80 | 2,431.00 | 2,769.00 | -12.21 | | Other Inc. | 38.00 | 45.00 | -15.56 | 60.00 | 71.00 | -15.49 | 155.00 | 181.00 | -14.36 | | PBIDT | 415.00 | 666.00 | -37.69 | 1,026.00 | 1,409.00 | -27.18 | 2,586.00 | 2,950.00 | -12.34 | | Interest | 54.00 | 50.00 | 8.00 | 101.00 | 110.00 | -8.18 | 202.00 | 302.00 | -33.11 | | PBDT | 361.00 | 616.00 | -41.40 | 925.00 | 1,299.00 | -28.79 | 2,384.00 | 2,648.00 | -9.97 | | Depreciation | 332 | 303 | 9.57 | 644 | 600 | 7.33 | 1235 | 1250 | -1.20 | | PBT | 29.00 | 313.00 | -90.73 | 281 | 699 | -59.80 | 1149 | 1398 | -17.81 | | Share of Profit/(Loss) from Associates | 6 | 1 | 500.00 | 23 | 3 | 666.67 | 5 | -1 | LP | | PBT before EO | 35 | 314 | -88.85 | 304 | 702 | -56.70 | 1154 | 1397 | -17.39 | | EO Income | 0 | -6 | - | 0 | -6 | - | -2 | -34 | 94.12 | | PBT after EO | 35 | 308 | -88.64 | 304 | 696 | -56.32 | 1152 | 1363 | -15.48 | | Taxation | -21 | 92 | LP | 43 | 189 | -77.25 | 315 | 178 | 76.97 | | PAT | 56 | 216 | -74.07 | 261 | 507 | -48.52 | 837 | 1185 | -29.37 | | Minority Interest (MI) | 1 | 5 | -80.00 | 10 | 16 | -37.50 | 29 | 12 | 141.67 | | Net profit | 55 | 211 | -73.93 | 251 | 491 | -48.88 | 808 | 1173 | -31.12 | | P/(L) from discontinued operations net of tax | -9 | -13 | 30.77 | -9 | -24 | 62.50 | 8 | -2 | LP | | Net profit after discontinued operations | 46 | 198 | -76.77 | 242 | 467 | -48.18 | 816 | 1171 | -30.32 | | EPS (Rs)* | 1.84 | 11.47 | -84.00 | 13.39 | 26.42 | -49.32 | 43.18 | 64.13 | -32.68 | | | * EPS is on current equity of Rs 37.49 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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