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ICICI Securities Report
Dalmia Bharat Ltd.'s Q1 FY23 Ebitda at Rs 5.9 billion (down 16% YoY) was marginally ahead of our / consensus expectations.
Ebitda/tonne declined 34%/10% YoY/QoQ to Rs 941 as realisation was flat YoY and up 3% QoQ against 13%/6% YoY/QoQ increase in unit total costs.
Volumes grew strong 27% YoY on low base led by higher growth in the South, implying three-year compound annual growth rate of 11%.
Dalmia Bharat aims to be a 49 million tonne cement player by FY24 as it shall add ~4/9 million tonne capacity in FY23/FY24, respectively.
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