On consolidated basis
Quarter ended March 2022 compared
with Quarter ended March 2021.
Net sales (including other operating income) of Dalmia Bharat has increased
7.27% to Rs 3380 crore. Sales of Cement segment has gone up 7.35% to
Rs 3,374.00 crore (accounting for 98.60% of total sales). Sales of
Others segment has gone down 9.43% to Rs 48.00 crore (accounting for 1.40% of
total sales). Inter-segment sales came down from Rs 45.00 crore to
Rs 42.00 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 20.36% to Rs 352.00
crore. PBIT of Cement segment fell 21.32% to Rs 347.00 crore
(accounting for 98.58% of total PBIT). PBIT of Others segment rose
400.00% to Rs 5.00 crore (accounting for 1.42% of total PBIT).
PBIT margin of Cement segment fell
from 14.03% to 10.28%. PBIT margin of Others segment rose from 1.89%
to 10.42%. Overall PBIT margin fell from 13.83% to
10.29%.
Operating profit margin has declined
from 24.41% to 20.18%, leading to 11.31% decline in operating profit to Rs
682.00 crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 16.27% to 14.14%. Purchase of finished
goods cost rose from 0.06% to 0.29%. Employee cost decreased from
5.56% to 5.20%. Other expenses rose from 53.94% to 60.58%.
Power and Oil fuel cost rose from 17.69% to 25.34%.
Freight charges rose from 21.05% to 21.51%. Loss on
forex transaction fell from 0.09% to 0.03%.
Other income rose 35.90% to Rs 53
crore. PBIDT fell 9.03% to Rs 735 crore. Provision for
interest fell 26.23% to Rs 45 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 7.63% to Rs 690
crore. Provision for depreciation rose 2.14% to Rs 334
crore. Fixed assets increased to Rs 14,248.00 crore as of 31 March
2022 from Rs 13,621.00 crore as of 31 March 2021. Intangible assets
declined from Rs 1,011.00 crore to Rs 807.00 crore.
Profit before tax down 15.24% to Rs
356.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was credit of Rs 239 crore, compared to
credit of Rs 220 crore. Effective tax rate was negative 66.39%
compared to negative 52.26%.
Minority interest decreased 58.33%
to Rs 5.00 crore. Net profit attributable to owners of the company
decreased 5.56% to Rs 594.00 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 .
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 13.85%. Purchase of
finished goods cost rose from 0.09% to 0.12%. Employee cost
decreased from 6.56% to 6.52%. Other expenses rose from 51.13% to
58.20%. Power and Oil fuel cost rose from 16.51% to 22.53%.
Freight charges rose from 20.63% to 20.64%. 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 1.12% to Rs 1236
crore. Fixed assets increased to Rs 14,248.00 crore as of 31 March
2022 from Rs 13,621.00 crore as of 31 March 2021. Intangible assets
declined from Rs 1,011.00 crore to Rs 807.00 crore.
Profit before tax down 17.88% to Rs
1,148.00 crore. Extraordinary items were increased to Rs -2.00
crore. Provision for tax was credit of Rs 14 crore, compared to
debit of Rs 178 crore. Effective tax rate was negative 1.22%
compared to 13.06%.
Minority interest increased 141.67%
to Rs 29.00 crore. Net profit attributable to owners of the company
decreased 3.15% to Rs 1,136.00 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 interim
dividend of Rs 5/- per equity share.
Management Commentary:
Commenting on the year
gone by, Mr. Puneet Dalmia, Managing Director – Dalmia Bharat Limited, said,
“With an objective to create a globally respected professional organization we
have, during the year, undertaken several transformation measures from laying
down a formal capital allocation framework, formalizing our growth target of
110-130Mnt, appointing Big five as Internal & Statutory auditors, to
creating a formal risk management policy and framework amongst several other
initiatives.” He further added, “Though the year witnessed unprecedented cost
challenges and demand volatility, we have done exceedingly well in our growth
and transformation journey. We remain excited about the tremendous opportunity
ahead and the company is on a clear path of accelerated growth backed by
sustainable business investments, strong Balance Sheet and an exceptionally
dedicated team.”
Mr.
Mahendra Singhi, Managing Director and CEO – Dalmia Cement (Bharat) Limited
said, “Through proactive cost containment measures, our teams have successfully
mitigated the adverse inflationary impact and delivered one of the lowest total
cost per ton of cement alongside a volume growth in-line with the industry. The
recent strong recovery in demand and prices across all our operating regions is
highly encouraging. While the margins may continue to remain under pressure, we
are undertaking proactive measures to retain our cost leadership and deliver
sustainable earnings growth. We continue to be on track to reach capacity of
48.5 million ton by March ’24.
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,380.00 | 3,151.00 | 7.27 | 11,286.00 | 10,110.00 | 11.63 | | OPM (%) | 20.18 | 24.41 | -423 bps | 21.54 | 27.39 | -585 bps | | OP | 682.00 | 769.00 | -11.31 | 2,431.00 | 2,769.00 | -12.21 | | Other Inc. | 53.00 | 39.00 | 35.90 | 155.00 | 181.00 | -14.36 | | PBIDT | 735.00 | 808.00 | -9.03 | 2,586.00 | 2,950.00 | -12.34 | | Interest | 45.00 | 61.00 | -26.23 | 202.00 | 302.00 | -33.11 | | PBDT | 690.00 | 747.00 | -7.63 | 2,384.00 | 2,648.00 | -9.97 | | Depreciation | 334 | 327 | 2.14 | 1236 | 1250 | -1.12 | | PBT | 356.00 | 420.00 | -15.24 | 1148 | 1398 | -17.88 | | Share of Profit/(Loss) from Associates | 0 | 1 | - | 5 | -1 | LP | | PBT before EO | 356 | 421 | -15.44 | 1153 | 1397 | -17.47 | | EO Income | 4 | 0 | - | -2 | -34 | 94.12 | | PBT after EO | 360 | 421 | -14.49 | 1151 | 1363 | -15.55 | | Taxation | -239 | -220 | -8.64 | -14 | 178 | LP | | PAT | 599 | 641 | -6.55 | 1165 | 1185 | -1.69 | | Minority Interest (MI) | 5 | 12 | -58.33 | 29 | 12 | 141.67 | | Net profit | 594 | 629 | -5.56 | 1136 | 1173 | -3.15 | | P/(L) from discontinued operations net of tax | 1 | -2 | LP | 8 | -2 | LP | | Net profit after discontinued operations | 595 | 627 | -5.10 | 1144 | 1171 | -2.31 | | EPS (Rs)* | 18.84 | 22.05 | -14.55 | 60.00 | 64.17 | -6.48 | | | * EPS is on current equity of Rs 37.47 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 |
|
| Dalmia Bharat : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Cement | 98.60 | 3,374.00 | 3,143.00 | 7.35 | 98.31 | 11,262.00 | 10,089.00 | 11.63 | | Others | 1.40 | 48.00 | 53.00 | -9.43 | 1.69 | 194.00 | 177.00 | 9.60 | | Total Reported Sales | 100.00 | 3,422.00 | 3,196.00 | 7.07 | 100.00 | 11,456.00 | 10,266.00 | 11.59 | | Less: Inter segment revenues | | 42.00 | 45.00 | -6.67 | | 170.00 | 156.00 | 8.97 | | Net Sales | 100.00 | 3,380.00 | 3,151.00 | 7.27 | 100.00 | 11,286.00 | 10,110.00 | 11.63 | | PBIT | | Cement | 98.58 | 347.00 | 441.00 | -21.32 | 98.35 | 1,195.00 | 1,513.00 | -21.02 | | Others | 1.42 | 5.00 | 1.00 | 400.00 | 1.65 | 20.00 | 20.00 | 0 | | Total PBIT | 100.00 | 352.00 | 442.00 | -20.36 | 100.00 | 1,215.00 | 1,533.00 | -20.74 | | Less : Interest | | 45.00 | 62.00 | -27.42 | | 202.00 | 303.00 | -33.33 | | Add: Other un-allcoable | | 54.00 | 37.00 | 45.95 | | 143.00 | 131.00 | 9.16 | | PBIT Margin(%) | | Cement | | 10.28 | 14.03 | -374.67 | | 10.61 | 15.00 | -438.56 | | Others | | 10.42 | 1.89 | 852.99 | | 10.31 | 11.30 | -99.02 | | PBT | 100.00 | 361.00 | 417.00 | -13.43 | 100.00 | 1,156.00 | 1,361.00 | -15.06 |
|
|