Dalmia Bharat gains 3% on strong Q2FY24 net profit

Dalmia Bharat reported a 121.4 percent year-on-year increase in consolidated profit to Rs 124 crore for quarter ended September FY2024 driven by healthy operating numbers with fall in power & fuel expenses.

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Shares of Dalmia Bharat witnessed a positive trend on October 16, trading at Rs 2328.25, marking a 1.4 percent increase at the opening. This surge came after the cement manufacturing company reported an impressive 121.4 percent surge in consolidated profit on October 13. At 9:50 am, the stock was trading at Rs 2,369.20, nearly 3 percent higher than Friday’s close.

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For the quarter ending September 2023, Dalmia Bharat reported a 121.4 percent year-on-year increase in consolidated profit to Rs 124 crore for quarter ended September FY2024  driven by healthy operating numbers with fall in power & fuel expenses. Revenue from operations for the same period grew  6 percent year-on-year to Rs 3,149 crore. Earnings before interest, depreciation, taxes and amortisation grew 55.4 percent from Rs 379 crore to Rs 55.4 percent. Margin for the same period grew to 18.7 percent from 12.8 percent.

The board for the cement manufacturer has also approved a proposal to increase cement grinding capacity by 0.5 metric tonnes per annum in Rohtas, Bihar.

Also read: Domestic steel and cement industry need Rs 47 lakh crore investment to meet net zero goals: Report

In a post-earning announcement, release Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said that going ahead, they 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 million tonnes cement capacity, which is ~65 percent growth over FY20 capacity. In line with our vision to reach 110 ‐ 130 million tonnes by 2031, we are continuing to make consistent strides in that direction and capitalise upon the huge opportunity ahead of us,” he said.

Also read: Dalmia Bharat Q2 net profit jumps 162% at Rs 123 crore on lower fuel prices

Dalmia Bharat will be holding its earnings call today. Analysts at Motilal Oswal has given the stock a buy call but has added that it is expects to update its view and valuation post the earnings call.

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