On consolidated basis
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating income) of Dalmia Bharat has increased
22.71% to Rs 3355 crore.
Operating profit margin has jumped
from 15.03% to 19.23%, leading to 56.93% rise in operating profit to Rs 645.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 13.43% to 14.17%. Purchase of finished
goods cost fell from 0.08% to 0.03%. Employee cost decreased from
6.94% to 5.55%. Other expenses fell from 64.05% to 61.71%.
Power and Oil fuel cost rose from 25.27% to 27.71%.
Freight charges fell from 22.41% to 20.18%.
Other income rose 16.67% to Rs 35
crore. PBIDT rose 54.20% to Rs 680 crore. Provision for
interest rose 50% to Rs 69 crore.
PBDT rose 54.68% to Rs 611
crore. Provision for depreciation rose 7.62% to Rs 325
crore.
Profit before tax grew 207.53% to Rs
286.00 crore. Provision for tax was expense of Rs 74 crore, compared
to Rs 35 crore. Effective tax rate was 25.69% compared to 36.84%.
Minority interest increased 75% to
Rs 14.00 crore. Net profit attributable to owners of the company
increased 284.62% to Rs 200.00 crore.
Promoters’ stake was 55.86% as of 31
December 2022 ,compared to 55.97% as of 31 December 2021 .
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 21.78% to Rs 9628 crore.
Operating profit margin has declined
from 22.14% to 16.73%, leading to 7.94% decline in operating profit to Rs
1,611.00 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.73% to 14.05%. Purchase of
finished goods cost rose from 0.05% to 0.06%. Employee cost
decreased from 7.10% to 5.93%. Other expenses rose from 57.15% to
63.48%. Power and Oil fuel cost rose from 21.22% to 28.72%.
Freight charges fell from 20.27% to 20.25%.
Other income fell 6.86% to Rs 95
crore. PBIDT fell 7.88% to Rs 1706 crore. Provision for
interest rose 8.97% to Rs 170 crore.
PBDT fell 9.43% to Rs 1536
crore. Provision for depreciation rose 7.43% to Rs 969
crore.
Profit before tax down 28.59% to Rs
567.00 crore. Share of profit/loss was 400% higher at Rs 25
crore. Provision for tax was expense of Rs 117 crore, compared to Rs
224 crore. Effective tax rate was 19.76% compared to 28.25%.
Minority interest decreased 7.69% to
Rs 24.00 crore. Net profit attributable to owners of the company
decreased 16.94% to Rs 451.00 crore.
Promoters’ stake was 55.86% as of 31
December 2022 ,compared to 55.97% as of 31 December 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.
Operational Highlights:
Sales Volume increased by 11.5% YoY to 6.3MnT in Q3FY23
EBITDA/T stood at Rs 1022/T
Expansion:
Added 25 MW of Renewable power capacity - taking
the Total Renewable Power Capacity as on date to 154 MW.
The company plans to ass 3.1 million
ton by de-bottle necking by end of FY23, 3.5 million ton brown field capacity
and 5.5 million ton green field capacity by end of FY24.
Others:
Signed
Definitive Agreement for acquisition of the cement assets of Jaiprakash
Associates Limited at an EV of Rs 3,230 Cr
with a cement capacity of 5.2 million ton, clinker of 3.3 million ton and
thermal power of 280MW.
Management Commentary:
Commenting on the quarter gone by, Mr. Puneet
Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said, “Sustaining the strong momentum,
we delivered yet another quarter of solid all-round performance. Our
consistent performance is driven by clarity of our vision, excellence in
our processes & operations, and agility of our teams. With India well
positioned to be the fastest growing economy in the world and cement
sector being the direct beneficiary of the same, I am excited about the
opportunity that lies ahead of us.” He
further added, “The acquisition of the
cement assets of Jaiprakash Associates in Central India is an important milestone
in our journey to emerge as a Pan India Cement company and reach 75Mnt by FY27
and 110-130Mnt by 2031.
Our company is on a clear path of accelerated growth backed by a strong
Balance Sheet and an exceptionally dedicated leadership.”
Mr. Mahendra Singhi, Managing Director and CEO
– Dalmia Cement (Bharat) Limited said, “I am delighted with our strong
performance this quarter . On the back of a healthy volume
growth and our teams’ proactive cost containment measures, we have
delivered double-digit revenue growth and industry leading earnings
performance”. “We are seeing a strong
demand outlook, stable cement prices and with the worst of inflation is behind
us we expect profitability to gradually improve from here on. ”
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,355.00 | 2,734.00 | 22.71 | 9,628.00 | 7,906.00 | 21.78 | 11,286.00 | 10,110.00 | 11.63 | | OPM (%) | 19.23 | 15.03 | 419 bps | 16.73 | 22.14 | -540 bps | 21.54 | 27.39 | -585 bps | | OP | 645.00 | 411.00 | 56.93 | 1,611.00 | 1,750.00 | -7.94 | 2,431.00 | 2,769.00 | -12.21 | | Other Inc. | 35.00 | 30.00 | 16.67 | 95.00 | 102.00 | -6.86 | 155.00 | 181.00 | -14.36 | | PBIDT | 680.00 | 441.00 | 54.20 | 1,706.00 | 1,852.00 | -7.88 | 2,586.00 | 2,950.00 | -12.34 | | Interest | 69.00 | 46.00 | 50.00 | 170.00 | 156.00 | 8.97 | 202.00 | 302.00 | -33.11 | | PBDT | 611.00 | 395.00 | 54.68 | 1,536.00 | 1,696.00 | -9.43 | 2,384.00 | 2,648.00 | -9.97 | | Depreciation | 325 | 302 | 7.62 | 969 | 902 | 7.43 | 1235 | 1250 | -1.20 | | PBT | 286.00 | 93.00 | 207.53 | 567 | 794 | -28.59 | 1149 | 1398 | -17.81 | | Share of Profit/(Loss) from Associates | 2 | 2 | 0 | 25 | 5 | 400.00 | 5 | -1 | LP | | PBT before EO | 288 | 95 | 203.16 | 592 | 799 | -25.91 | 1154 | 1397 | -17.39 | | EO Income | 0 | 0 | - | 0 | -6 | - | -2 | -34 | 94.12 | | PBT after EO | 288 | 95 | 203.16 | 592 | 793 | -25.35 | 1152 | 1363 | -15.48 | | Taxation | 74 | 35 | 111.43 | 117 | 224 | -47.77 | 315 | 178 | 76.97 | | PAT | 214 | 60 | 256.67 | 475 | 569 | -16.52 | 837 | 1185 | -29.37 | | Minority Interest (MI) | 14 | 8 | 75.00 | 24 | 26 | -7.69 | 29 | 12 | 141.67 | | Net profit | 200 | 52 | 284.62 | 451 | 543 | -16.94 | 808 | 1173 | -31.12 | | P/(L) from discontinued operations net of tax | 4 | 32 | -87.50 | -5 | 7 | PL | 8 | -2 | LP | | Net profit after discontinued operations | 204 | 84 | 142.86 | 446 | 550 | -18.91 | 816 | 1171 | -30.32 | | EPS (Rs)* | 10.67 | 2.77 | 284.62 | 24.06 | 29.18 | -17.57 | 43.17 | 64.13 | -32.68 | | | * 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 |
|
|