Buy Dalmia Bharat: target of Rs 1850: Sharekhan

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Sharekhan's research report on Dalmia Bharat

In Q4FY2022, the company reported largely in-line operational performance while net earnings beat was led by reversal of deferred tax. The company expects cement demand growth of 8-9% y-o-y for FY2023 although remain cautious on OPM front during H1FY2023 due to elevated energy costs. The company remains on track to achieve 48.5MT cement capacity by March 2024 while announcement regarding capacity expansions post that is delayed due to global challenges and uncertainties.

Outlook

We maintain a Buy on stock with a revised PT of Rs. 1,850, factoring downwardly revised estimates and favourable valuation post recent correction.

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