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Dalmia Bharat Ltd. reported results in line, but adjusted profit after tax above estimates.
Dalmia Bharat posted 15.1% YoY growth in revenue to Rs 29.7 billion led by up 13.2% YoY in volume to 5.8 million tonne (down 6.9% QoQ) and up 1.7% YoY in realisation/tonne to Rs 5,145 (down 3.4% QoQ).
Ebitda/adjusted profit after tax reported down 39.0%/ down 87.9% YoY to Rs 3.8 billion/ Rs 270 million.
We expect 14.4%/ 12.7%/ 11.0% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY22-25E led by 15.0%/ 15.0%/ 9.0% volume growth and up 3.8%/ 0%/ 0% realisation growth in FY23E/ FY24E/ FY25E.
We broadly maintain our estimates for FY23E/ FY24E. We introduce FY25.
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