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ICICI Securities Report
Dalmia Bharat Ltd.'s Q3 FY23 Ebitda at Rs 6.4 billion (up 57% YoY) was above our / consensus estimates. Realisations rose 10% YoY / 4% QoQ against 5% YoY inflation in total cost/tonne (albeit down 4% QoQ). This resulted in unit Ebitda increasing by a robust 41% YoY, 56% QoQ, to Rs 1,022.
Volumes grew at a strong rate of 11% YoY, 9% QoQ, to 6.3 million tonnes.
Dalmia Bharat aims to be a 49 mtpa cement player by FY24 while keeping intact its long-term goal to reach 110-130 mtpa pan India cement capacity by CY31.
Dalmia Bharat, proceeding with its Jaiprakash Associates' deal, entered into a definitive agreement to acquire 3.3/5.2 mtpa clinker/cement capacities (lower than the initially (Dec-22) announced 6.7/9.4 mtpa) at an enterprise value of ~Rs 32 billion. Dalmia Bharat aims to complete the transaction over the next few months subject to approval of JAL's lenders and regulatory authorities.
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