Puneet Dalmia will take on an additional role as chief executive officer(CEO) and MD of Dalmia (Cement) Bharat Limited which is the company that houses the cement operations of Dalmia Bharat Limited, the company has informed stock exchanges.
Dalmia Bharat Limited also announced its quarterly results for the December quarter of financial year 2023-24 during which it said it achieved sales of Rs. 3600 crore and earnings before interest, tax, depreciation and amortization (EBITDA) of Rs. 775 crore.
Quarterly sales volumes for its cement business were 6.8 million tonnes growing by 8% year-on-year.
Cement capacity of the company increased to 44.6 million tonnes.
“India has undergone a huge metamorphosis with a lot of reforms in the last decade. With this, the base for sustainable growth has been set, the momentum is clearly built and we are now clearly transitioned from a reform phase into a fast growth phase. Foreseeing this massive growth opportunity, we remain committed to our plan of 110-130 million tonnes by 2031”, said Puneet Dalmia.
“Our sales volume improved 8.1% YoY with EBITDA growing 20.3%YoY to Rs. 775 Cr in Q3FY24. With the cement price being largely stable, correction in commodity prices has led to margin recovery”, he said.
Dalmia Bharat’s net debt to EBITDA remained at 0.16x, amongst the lowest in the industry giving the company ample financial flexibility to execute its expansion plans.