Religare Retail Research report on Dalmia Bharat
Dalmia’s revenue for Q1FY24 grew by 9.8% YoY but saw a de-growth of 7.4% on sequential basis to Rs 3,624cr. The sales volumes too saw a mixed trend with growth of 12.9% YoY to 7MnT while sequentially it declined 5.9%. However, realization remained subdued to Rs 5,177 as compared to Rs 5,258 in Q4FY23 (down by 1.5% QoQ) and at Rs 5,326 in Q1FY23 (down by 2.8% YoY).
Outlook
Thus, maintaining our Buy rating with a target price of Rs 2,291 valuing the company at EV/EBITDA of 11x FY25E.
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