The Business Bytes
TBB BUREAU
NEW DELHI, JAN 24, 2024
Leading cement manufacturing company Dalmia Bharat Ltd on Wednesday reported a 22.2 per cent year-on-year rise in its consolidated net profit for the fiscal third quarter (Q3FY24) to Rs 266 crore. This growth was attributed to easing commodity prices along with subdued fuel cost. Net profit was in line with estimates of analysts polled by Bloomberg
Consolidated revenue of Rs 3,600 crore was up 7.3 per cent on year, led by an 8.1 per cent increase in sales volumes. Cement makers have seen demand surge as the government focuses on infrastructure development in the run-up to general elections.
Earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Rs 775 crore in December ended quarter, with EBITDA margin at 21.5 per cent.
In line with its commitment to keep net debt at less than 2 times EBITDA, Dalmia Bharat Ltd closed the third quarter of the current fiscal with net debt to EBITDA at 0.16 times.
“India has undergone a huge metamorphosis with a lot of reforms in the last decade. With this, the base for sustainable growth has been set, the momentum is clearly built and we are now clearly transitioned from a Reform Phase into a fast Growth phase. Foreseeing this massive growth opportunity, we remain committed to our plan of 110-130 MnT by 2031,” said Puneet Dalmia, Managing Director & CEO, Dalmia Bharat.
“While we believe that margins may improve further from here on, our focus for the next 12-15 months would remain on improving our capacity utilization and delivering industry-leading volume growth,” he added.
