Dalmia Bharat, has reported a seven per cent dip in its net consolidated profit in the quarter ended September 2021. Its profit after tax (PAT) stood at Rs 214 crore in Q2 FY22 as against Rs 231 crore it recorded in the corresponding quarter previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 2,622 crore in Q2 FY22, a growth of 11 per cent from Rs 2,353 crore it registered in the similar quarter last year.
Mahendra Singhi, managing director and CEO, Dalmia Cement (Bharat) said, “We are encouraged with higher volumes in a seasonally weak quarter.We are encouraged with higher volumes in a seasonally weak quarter. We have commercialized Line 2 of our cement plant near Cuttack, Odisha as well as began Trial Run production at our Murli plant in Maharashtra.”
The board of directors declared interim dividend at the rate of Rs 4 per equity share on 18,71,17,513 equity share of Rs 2 each for the financial year 2021-22.
The Group has started commercial production from its new cement grinding plant having capacity of 2.25 MnTPA at Dalmia DSP Unit- II near Cuttack, Odisha. Total cement capacity of the group increased to 33MnTPA as on September 30, 2021.
Dalmia Cement (Bharat) (DCBL) on October 26, 2021 approved the sale of its master wholesaler business for all construction and building materials as a going concern on a slump sale basis to Hippostores Technology, a promoter group company.
The slump sale will be by way of executing a Business Transfer Agreement for a consideration of Rs 115 crore, as of August 31, 2021, with an understanding that any further cash infusion in this undertaking from September 1, 2021 onwards till the closure of the sale will be added to the above consideration of Rs 115 crore.
As per the terms approved by DCBL, 20% of the aggregate sales consideration is to be paid immediately on closure of the sale and the balance 80% to be converted into unsecured non- convertible debentures (NCD), redeemable after two years. The NCD would be at an interest rate of 10% p.a. to be paid half yearly. The Buyer has the option to pre-pay the amount of NCD at any time.