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HomeNewsTop NewsDalmia Bharat's net profit up 161% in Q2 FY24

Dalmia Bharat’s net profit up 161% in Q2 FY24

Dalmia Bharat's total income stood at Rs 3,234 crore in Q2 FY24, a growth of 7.55 per cent from Rs 3,007 crore it recorded in the similar quarter last year.

Dalmia Bharat reported an increase of 161.70 per cent in its consolidated net profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 123 crore in Q2 FY24 as against Rs 47 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing

The company’s total income stood at Rs 3,234 crore in Q2 FY24, a growth of 7.55 per cent from Rs 3,007 crore it recorded in the similar quarter last year.

Puneet Dalmia, managing director & CEO of the company said, “In the last 3.5 years, we have added ~17.2 MnT cement capacity, which is ~65% growth over FY20 capacity. In line with our vision to reach 110 -130 Mnt by 2031, we are continuing to make consistent strides in that direction and capitalize upon the huge opportunity ahead of us.”

The board of directors declared interim dividend at the rate of Rs 4 (200%) per equity share on 18,75,30,361 equity share of Rs 2 each for the financial year 2023-24.

During the quarter, Dalmia Cement (North East) has allotted 15,30,000,000 equity shares of Rs.10 each at par, aggregating to Rs 1,530 crore, to Dalmia Cement (Bharat) (DCBL) on rights basis, consequently, DCBL’s voting rights have increased from 76% to 95.27%.”.

Mahendra Singhi, managing director and CEO, Dalmia Cement (Bharat) said, “With the reduction in fuel prices, increased usage of Renewable power and improvement in KPIs, we were able to deliver 55% year-on-year improvement in our EBITDA, which stands at Rs 589 crore. During first half of the year, we commissioned 5.1 MnT of cement and 0.5 MnT clinker capacity in the East and South region.”

The board approved the appointment of Anuj Gulati as independent director of the company for a period of five years commencing from October 14, 2023. It also noted the retirement of Pradip Kumar Khaitan, Virendra Singh Jain and Sudha Pillai as an independent directors of the company on October 14, 2023.

The board of directors of Dalmia Cement (Bharat) have approved the proposal to increase cement grinding capacity by 0.5 MTPA at Rohtas Cement Works, Bihar. Plants existing capacity is at 43.7 MTPA which is being utilised at 61% at pro-rata basis. Proposed capacity will be added by FY25. The company will make an investment of Rs 91 crore which will be a mix of debt and equity/internal accruals.

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