Dalmia Bharat has reported a dip of 29.76 per cent in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax (PAT) stood at Rs 144 crore in Q1 FY24 as against Rs 205 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 3,681 crore in Q1 FY24, a growth of 10.64 per cent from Rs 3,327 crore it recorded in the similar quarter last year.
Puneet Dalmia,managing director & CEO of the company said, “Though we have strong conviction in our ability to outperform the industry, this quarter has been a disappointment as against our expectations. Having said so, we remain focused on seizing the emerging demand opportunities, sustaining our position as a cost leader and delivering sustainable return to our stakeholders.”
During the current quarter, the group has started commercial production from its second cement line having capacity of 2.5 MnTPA at Bokaro, Jharkhand known as Bokaro Cement Manufacturing Works. The group also added cement capacity of 0.6 MnTPA at its cement grinding plant located at Midnapore, West Bengal.
Mahendra Singhi, managing director and CEO, Dalmia Cement (Bharat) said, “During the quarter gone by, we delivered a 12% year-onyear growth in cement volumes and witnessed further softening of fuel prices. Given the promising outlook for cement demand, expectation of stable cement prices during rest of the year and softening in commodity costs, we anticipate a gradual improvement in profitability.”
The company’s cement volume increased 12.4% year-on-year to 7.0 MnT, installed capacity increased to 41.7 MnTPA while its net debt/EBITDA stood at 0.52x in Q1 FY24.