On consolidated basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating
income) of Dalmia Bharat has increased 15.74% to Rs 3912 crore.
Operating profit margin has declined
from 20.18% to 18.07%, leading to 3.67% rise in operating profit to Rs 707.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 14.14% to 14.22%. Purchase of finished
goods cost rose from 0.29% to 1.23%. Employee cost decreased from
5.20% to 5.11%. Other expenses fell from 60.58% to 60.53%.
Power and Oil fuel cost fell from 25.34% to 23.29%.
Freight charges rose from 21.51% to 21.98%.
Other
income fell 22.64% to Rs 41 crore. PBIDT rose 1.77% to Rs 748
crore. Provision for interest rose 42.22% to Rs 64
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 955.00 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 295.00 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 3,444.00 crore as of 31 March 2023.
PBDT
fell 0.87% to Rs 684 crore. Provision for depreciation rose 0.60% to
Rs 336 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 2.25% to Rs 348.00 crore. Share of profit/loss were
nil in both the periods. Provision for tax was debit of Rs 125
crore, compared to credit of Rs 239 crore. Effective tax rate was
17.05% compared to negative 66.39%.
Minority interest increased 300% to
Rs 20.00 crore. Net profit attributable to owners of the company
decreased 1.01% to Rs 588.00 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
.
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 21.54% to 17.10%, leading to 4.73% 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 58.49% 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 10.97% 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 955.00 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 295.00 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 3,444.00 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 Q4FY2023
Volume stood
at 7.4 Million ton up 13.3% YoY.
EBITDA/ton
stood at Rs 951 down 8.7% yoy.
For Full FY2023
Volume stood
at 25.7 million ton up 15.9% YoY.
EBITDA/Ton
stood at Rs 900 down 17.2%.
Others:
Installed
capacity increased by 7.5% to 38.6 MnT as on 31 st March 2023.
Renewable
Energy capacity increased by 100 MW to 166 MW (>2.5 times from FY22 end).
Renewable
Power consumption increased to 20.9% from 10.1% in FY22 (Q4 FY23 at 25.2%).
Dividend: The board has recommended a final dividend of Rs 5 per share (250%) of face value of Rs 2 per
share for FY 2022-23.
Management Commentary:
Commenting on the
performance Mr. Puneet Dalmia, Managing Director – Dalmia Bharat Limited, said,
“I am tremendously proud of our people who have delivered an all-round financial
performance alongside meeting the capacity expansion targets of the company.
The industry leading volume and revenue growth of 15.9% and 20.0% YOY
respectively, is a testament of clarity of our vision, strength of our brand
and efficient business operations, all of which is well navigated by our strong
leadership team”
He further added,
“With deep rooted conviction in India’s growth prospects, I am excited that
armed with a combination of newly added cement capacity, a well-capitalized
balance sheet and a visionary leadership, Dalmia Bharat has a large headroom to
continually deliver industry leading performance and participate in India’s
growth story.”
Mr. Mahendra Singhi,
Managing Director and CEO – Dalmia Cement (Bharat) Limited said, “I am pleased
with our performance during the entire year of FY23. Our persistent efforts, on
enhancing sustainability of our operations & rationalization of our
operating costs, have enabled us to mitigate the adverse impact of inflation
and deliver stable earnings performance.” He also mentioned that, “With robust
demand outlook, steady cement prices and the peak of commodity price inflation
behind us, we are expecting profitability to gradually improve from here on.”
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,912.00 | 3,380.00 | 15.74 | 13,540.00 | 11,286.00 | 19.97 | | OPM (%) | 18.07 | 20.18 | -210 bps | 17.10 | 21.54 | -444 bps | | OP | 707.00 | 682.00 | 3.67 | 2,316.00 | 2,431.00 | -4.73 | | Other Inc. | 41.00 | 53.00 | -22.64 | 138.00 | 155.00 | -10.97 | | PBIDT | 748.00 | 735.00 | 1.77 | 2,454.00 | 2,586.00 | -5.10 | | Interest | 64.00 | 45.00 | 42.22 | 234.00 | 202.00 | 15.84 | | PBDT | 684.00 | 690.00 | -0.87 | 2,220.00 | 2,384.00 | -6.88 | | Depreciation | 336 | 334 | 0.60 | 1305 | 1235 | 5.67 | | PBT | 348.00 | 356.00 | -2.25 | 915 | 1149 | -20.37 | | Share of Profit/(Loss) from Associates | 529 | 0 | - | 554 | 5 | 10,980.00 | | PBT before EO | 877 | 356 | 146.35 | 1469 | 1154 | 27.30 | | EO Income | -144 | 4 | PL | -144 | -2 | -7,100.00 | | PBT after EO | 733 | 360 | 103.61 | 1325 | 1152 | 15.02 | | Taxation | 125 | -239 | PL | 242 | 315 | -23.17 | | PAT | 608 | 599 | 1.50 | 1083 | 837 | 29.39 | | Minority Interest (MI) | 20 | 5 | 300.00 | 44 | 29 | 51.72 | | Net profit | 588 | 594 | -1.01 | 1039 | 808 | 28.59 | | P/(L) from discontinued operations net of tax | 1 | 1 | 0 | -4 | 8 | PL | | Net profit after discontinued operations | 589 | 595 | -1.01 | 1035 | 816 | 26.84 | | EPS (Rs)* | 33.58 | 18.83 | 78.36 | 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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