On consolidated basis
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Dalmia Bharat has increased
5.99% to Rs 3149 crore.
Operating profit margin has jumped
from 12.76% to 18.70%, leading to 55.41% rise in operating profit to Rs 589.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 14.86% to 14.27%. Purchase of finished
goods cost rose from 0.10% to 3.67%. Employee cost increased from
6.35% to 7.09%. Other expenses fell from 65.95% to 56.49%.
Power and Oil fuel cost fell from 29.98% to 21.89%.
Freight charges fell from 20.03% to 19.79%.
Other income rose 136.11% to Rs 85
crore. PBIDT rose 62.41% to Rs 674 crore. Provision for
interest rose 87.04% to Rs 101 crore. Loan funds rose to Rs 5,399.00
crore as of 30 September 2023 from Rs 3,369.00 crore as of 30 September
2022. Inventories rose to Rs 1,270.00 crore as of 30 September 2023
from Rs 1,239.00 crore as of 30 September 2022. Sundry debtors were
higher at Rs 756.00 crore as of 30 September 2023 compared to Rs 694.00 crore
as of 30 September 2022. Cash and bank balance rose to Rs 594.00
crore as of 30 September 2023 from Rs 108.00 crore as of 30 September
2022. Investments rose to Rs 4,716.00 crore as of 30 September 2023
from Rs 3,636.00 crore as of 30 September 2022 .
PBDT rose 58.73% to Rs 573
crore. Provision for depreciation rose 20.78% to Rs 401
crore. Fixed assets increased to Rs 16,579.00 crore as of 30
September 2023 from Rs 12,429.00 crore as of 30 September
2022. Intangible assets declined from Rs 3,346.00 crore to Rs 628.00
crore.
Profit before tax grew 493.10% to Rs
172.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 48 crore, compared to
credit of Rs 21 crore. Effective tax rate was 27.91% compared to
negative 60.00%.
Minority interest increased 400% to
Rs 5.00 crore. Net profit attributable to owners of the company
increased 116.36% to Rs 119.00 crore.
Equity capital increased from Rs
37.00 crore as of 30 September 2022 to Rs 38.00 crore as of 30 September
2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 55.86% as of 30
September 2023 ,compared to 55.87% as of 30 September 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Dalmia Bharat has increased
7.97% to Rs 6773 crore.
Operating profit margin has jumped
from 15.38% to 17.70%, leading to 24.25% rise in operating profit to Rs
1,199.00 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 13.99% to 14.43%. Purchase of
finished goods cost rose from 0.08% to 3.10%. Employee cost
increased from 6.14% to 6.51%. Other expenses fell from 64.46% to
58.53%. Power and Oil fuel cost fell from 29.28% to 23.26%.
Freight charges rose from 20.29% to 20.93%.
Other income rose 132.79% to Rs 142
crore. PBIDT rose 30.70% to Rs 1341 crore. Provision for
interest rose 82.18% to Rs 184 crore. Loan funds rose to Rs 5,399.00
crore as of 30 September 2023 from Rs 3,369.00 crore as of 30 September
2022. Inventories rose to Rs 1,270.00 crore as of 30 September 2023
from Rs 1,239.00 crore as of 30 September 2022. Sundry debtors were
higher at Rs 756.00 crore as of 30 September 2023 compared to Rs 694.00 crore
as of 30 September 2022. Cash and bank balance rose to Rs 594.00
crore as of 30 September 2023 from Rs 108.00 crore as of 30 September
2022. Investments rose to Rs 4,716.00 crore as of 30 September 2023
from Rs 3,636.00 crore as of 30 September 2022 .
PBDT rose 25.08% to Rs 1157
crore. Provision for depreciation rose 24.22% to Rs 800
crore. Fixed assets increased to Rs 16,579.00 crore as of 30 September
2023 from Rs 12,429.00 crore as of 30 September 2022. Intangible
assets declined from Rs 3,346.00 crore to Rs 628.00 crore.
Profit before tax grew 27.05% to Rs
357.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 89 crore, compared to
Rs 43 crore. Effective tax rate was 24.93% compared to 14.14%.
Minority interest increased 90% to
Rs 19.00 crore. Net profit attributable to owners of the company
decreased 0.80% to Rs 249.00 crore.
Equity capital increased from Rs
37.00 crore as of 30 September 2022 to Rs 38.00 crore as of 30 September
2023. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 55.86% as of 30
September 2023 ,compared to 55.87% as of 30 September 2022 .
Cash flow from operating activities
increased to Rs 681.00 crore for YTD ended September 2023 from Rs 412.00 crore
for YTD ended September 2022. Cash flow used in acquiring fixed
assets during the YTD ended September 2023 stood at Rs 1,605.00 crore, compared
to Rs 1,165.00 crore during the YTD ended September 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 21.50% to 17.10%, leading to 4.53% 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 58.53% 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 13.75% 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 945.00 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 285.00 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 3,524.00 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 Q2FY2024
Volume stood at 6.2
Million ton up 6.6% YoY.
EBITDA/T increased
46% YoY to Rs. 955/T
For H1FY2024
Volume stood at 13.0
Million ton up 9.6% YoY.
EBITDA/T increased 24.2%
YoY to Rs. 1199/T
Others:
Cement installed
capacity increased to 43.7 MnTPA as on Sep 2023 and Clinker installed capacity
increasd to 22.2 MnTPA.
Capacity Expansion:
Commenced commercial
production from the new Greenfield Cement Grinding unit at Sattur, Tamil Nadu
having manufacturing capacity of 2.0 MnT.
Commenced commercial
production of clinker 0.5 MnT at Ariyalur, Tamil Nadu increasing total clinker
capacity to 22.2 MnT.
The Board of Dalmia
Cement (Bharat) Limited, a material wholly owned subsidiary of the Company, at
its meeting held on 14th October 2023 has approved the proposal to increase cement
grinding capacity by 0.5 MnT at Rohtas Cement Works, Bihar at an estimated cost
of Rs 91 Cr, which is expected to be completed in FY25
Management Commentary:
Commenting on the
quarter gone by, Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat
Limited, said, “We see a multi-year strong cement demand trend continuing, as
India is undergoing a large-scale metamorphosis. We were one of the first ones
to foresee this upcycle and started building our capacity ahead of time. In the
last 3.5 years, we have added ~17.2 MnT cement capacity, which is ~65% growth
over FY20 capacity. In line with our vision to reach 110 - 130 Mnt by 2031, we
are continuing to make consistent strides in that direction and capitalize upon
the huge opportunity ahead of us.
Mr. Mahendra Singhi,
Managing Director and CEO – Dalmia Cement (Bharat) Limited said, “With the
reduction in fuel prices, increased usage of Renewable power and improvement in
KPIs, we were able to deliver 55% YoY improvement in our EBITDA, which stands
at Rs 589 Cr.
| Dalmia Bharat : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,149.00 | 2,971.00 | 5.99 | 6,773.00 | 6,273.00 | 7.97 | 13,540.00 | 11,286.00 | 19.97 | | OPM (%) | 18.70 | 12.76 | 595 bps | 17.70 | 15.38 | 232 bps | 17.10 | 21.50 | -439 bps | | OP | 589.00 | 379.00 | 55.41 | 1,199.00 | 965.00 | 24.25 | 2,316.00 | 2,426.00 | -4.53 | | Other Inc. | 85.00 | 36.00 | 136.11 | 142.00 | 61.00 | 132.79 | 138.00 | 160.00 | -13.75 | | PBIDT | 674.00 | 415.00 | 62.41 | 1,341.00 | 1,026.00 | 30.70 | 2,454.00 | 2,586.00 | -5.10 | | Interest | 101.00 | 54.00 | 87.04 | 184.00 | 101.00 | 82.18 | 234.00 | 202.00 | 15.84 | | PBDT | 573.00 | 361.00 | 58.73 | 1,157.00 | 925.00 | 25.08 | 2,220.00 | 2,384.00 | -6.88 | | Depreciation | 401 | 332 | 20.78 | 800 | 644 | 24.22 | 1305 | 1235 | 5.67 | | PBT | 172.00 | 29.00 | 493.10 | 357 | 281 | 27.05 | 915 | 1149 | -20.37 | | Share of Profit/(Loss) from Associates | 0 | 6 | - | 0 | 23 | - | 554 | 5 | 10,980.00 | | PBT before EO | 172 | 35 | 391.43 | 357 | 304 | 17.43 | 1469 | 1154 | 27.30 | | EO Income | 0 | 0 | - | 0 | 0 | - | -144 | -2 | -7,100.00 | | PBT after EO | 172 | 35 | 391.43 | 357 | 304 | 17.43 | 1325 | 1152 | 15.02 | | Taxation | 48 | -21 | PL | 89 | 43 | 106.98 | 242 | 315 | -23.17 | | PAT | 124 | 56 | 121.43 | 268 | 261 | 2.68 | 1083 | 837 | 29.39 | | Minority Interest (MI) | 5 | 1 | 400.00 | 19 | 10 | 90.00 | 44 | 29 | 51.72 | | Net profit | 119 | 55 | 116.36 | 249 | 251 | -0.80 | 1039 | 808 | 28.59 | | P/(L) from discontinued operations net of tax | -1 | -9 | 88.89 | -1 | -9 | 88.89 | -4 | 8 | PL | | Net profit after discontinued operations | 118 | 46 | 156.52 | 248 | 242 | 2.48 | 1035 | 816 | 26.84 | | EPS (Rs)* | 6.35 | 1.84 | 245.73 | 13.28 | 13.38 | -0.80 | 60.23 | 43.16 | 39.56 | | | * 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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