Anand Rathi's research report on Dalmia Bharat
Amid the high-cost setting, Dalmia reported a strong performance overall on healthy demand and greater operating efficiency. Its entry to the stable demand-pricing (Central) region would be positive, reducing the market mix of the low-utilisation South. Its greater focus on raising the share of “green” energy, better return ratios, divesting non-core assets and a defined capital-allocation policy are positives.
Outlook
We believe a re-rating is on cards and retain a Buy, with a higher target of Rs.2,536 (earlier Rs.2,160), at 12x FY25e EV/EBITDA.
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