Sharekhan's research report on Dalmia Bharat
In Q2FY2024, the company reported a beat on operational profitability led by lower-than-estimated power & fuel and freight costs. Marginal miss on revenues was led by market share loss in the East. Management expects corrective actions in re-gaining market share in East to accrue from Q4FY23. It remains committed on growing faster than industry. It added a 5.1 MTPA cement capacity in H1FY2024 to reach 43.1 MTPA. To achieve 56 MTPA cement capacity by FY2024 end including JP Associates’ assets.
Outlook
We retain a Buy on Dalmia Bharat with an unchanged PT of Rs. 2,830, considering its strong growth potential led by capacity additions.
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