Dalmia Bharat Limited, a leading cement manufacturing company, reported its consolidated financial results for the quarter and nine months ended December 31, 2023.
Commenting on the quarter gone by, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said, “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.”
He further added, “Our sales volume improved 8.1% YoY with EBITDA growing 20.3%YoY to Rs. 775 Cr in Q3FY24. With the cement price being largely stable, correction in commodity prices has led to margin recovery; from the lows of 12.8% in Q2FY23 to 21.5% during Q3FY24. While we believe that margins may improve further from here on, our focus for next 12-15 months would remain on improving our capacity utilization and delivering industry leading volume growth.”
Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat Limited, said “We continue to remain one of the lowest cost producers in the country. This, along with softening commodity prices, helped us to achieve 11.3% YoY growth in our EBITDA/T to Rs 1,138. We continue to further strengthen our operational efficiencies through strategic investments. In line with our commitment to keep net debt at less than 2 time of EBITDA, we closed this quarter with Net Debt to EBITDA at 0.16 times. Our Net Debt is now reduced to Rs 431 Cr.”
Puneet Dalmia, in addition to CEO & MD of Dalmia Bharat Ltd, has taken additional responsibility of CEO & MD of Dalmia (Cement) Bharat Ltd, the operating company, with effect from December 8, 2023.
Completed debottlenecking at Belgaum, Karnataka (0.9 MnT). Total Cement capacity increased to 44.6 MnT. Received 2nd installment of Rs 320 Cr from Sarvapriya Healthcare Solutions Private Limited, a promoter group company, for the sale of investment in Dalmia Bharat Refractories Limited by Dalmia (Cement) Bharat Ltd.
Received final installment of Rs 120 Cr from Hippostores Technology Pvt. Ltd., a promoter group company, on account of sale of Hippo Stores (the retail venture).
