Dalmia Bharat, a cement manufacturing company, has reported a growth of 124.72 per cent in its consolidated net profit during the quarter ended March 31, 2023. Its profit after tax (PAT) stood at Rs 609 crore in Q4 FY23 as against Rs 271 crore it recorded in the corresponding quarter of the previous year.
The company’s total consolidated income stood at Rs 3,953 crore in Q4 FY23, a growth of 15.18 per cent from Rs 3,432 crore it recorded in the similar quarter last year.
Mahendra Singhi, managing director and CEO, Dalmia Cement (Bharat) said, “Our persistent efforts, on enhancing sustainability of our operations & rationalization of our operating costs, have enabled us to mitigate the adverse impact of inflation and deliver stable earnings performance.”
The board of directors recommended final dividend at the rate of Rs 5 (250%) per equity share on 18,74,80,361 equity share of Rs 2 each for the financial year ended March 31, 2023.
During the quarter ended March 31, 2023, the group has commissioned cement capacity of 1.6 MnTPA and clinker capacity of 0.8 MnTPA by debottlenecking at various plants. Subsequent to the quarter end, the group has started commercial production from its second cement line having capacity of 2.5 MnTPA at Bokaro. With this addition, the total cement capacity of the company has been enhanced to 41.1 MnT.
In line with its strategy to exit non-core business/investment, Dalmia Cement (Bharat), a subsidiary of the company, entered into a binding agreement to sell its entire investment of 1,87,23,743 equity Shares of Rs. 10 each (42.36% of share capital) of Dalmia Bharat Refractories at a consideration of Rs 800 crore to Sarvapriya Healthcare Solutions, a promoter group company.
In a media release, the company said that is volume during Q4 FY23 increased 15.9% year-on-year to 25.7 MnT, renewable energy capacity increased by 100 MW to 166 MW, EBITDA stood at Rs. 2,316 crore and net debt/EBITDA stood at 0.29x.