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ICICI Securities Report
Dalmia Bharat Ltd.'s Q2 FY23 Ebitda at Rs 3.8 billion (down 33% YoY) was in line with our / consensus estimates.
Realisation rose 4% YoY but dipped 3% QoQ against 17%/2% YoY/QoQ inflation in total costs/te. This resulted in unit Ebitda declining by 41%/31% YoY/QoQ to Rs 653.
Volumes grew at a strong rate of 14% YoY (on a low base and the company ramping-up its newly commissioned plants), implying a three-year compound annual growth rate of 9%.
Dalmia Bharat aims to be a 49 million tonnes per annum cement player by FY24 as it adds ~4 mtpa/9 mtpa capacity in FY23/FY24 respectively.
Factoring-in better-than-estimated volumes and expectations of better pricing scenarios in East and South India in H2 FY23, we raise our FY23E/FY24E Ebitda estimates by 8%/9%.
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