Getty Images Securities has buy call on Dalmia Bharat with a target price of Rs 2145. The current market price of Dalmia Bharat is Rs 1682.65.
Dalmia Bharat Ltd., incorporated in the year 2013, is a Mid Cap company (having a market cap of Rs 31305.39 Crore) operating in Cement sector.
Dalmia Bharat Ltd. key Products/Revenue Segments include Income From Management Services for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 3009.00 Crore, down -9.48 % from last quarter Total Income of Rs 3324.00 Crore and up 14.76 % from last year same quarter Total Income of Rs 2622.00 Crore. Company reported net profit after tax of Rs 41.00 Crore in latest quarter.
Investment Rationale
The brokerage maintains BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,145/sh (13x its Sep-24E consolidated EBITDA). It continues to like DALBHARA for its robust volume and margin outlook along with balance sheet prudence. Dalmia reported healthy volume growth (+13% YoY). However, the margin contracted on the back of continued cost inflation and sub-par cost pass-through. Unitary EBITDA came in at INR 656 per MT (down 46/30% YoY/ QoQ). The rise in blending ratio and higher green power/fuel usage cushioned the cost inflation. The company has guided that fuel costs will cool off 10% QoQ in Q3.
Promoter/FII Holdings
Promoters held 55.87 per cent stake in the company as of 30-Sep-2022, while FIIs owned 14.01 per cent, DIIs 8.01 per cent.
Dalmia Bharat Ltd., incorporated in the year 2013, is a Mid Cap company (having a market cap of Rs 31305.39 Crore) operating in Cement sector.
Dalmia Bharat Ltd. key Products/Revenue Segments include Income From Management Services for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 3009.00 Crore, down -9.48 % from last quarter Total Income of Rs 3324.00 Crore and up 14.76 % from last year same quarter Total Income of Rs 2622.00 Crore. Company reported net profit after tax of Rs 41.00 Crore in latest quarter.
Investment Rationale
The brokerage maintains BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,145/sh (13x its Sep-24E consolidated EBITDA). It continues to like DALBHARA for its robust volume and margin outlook along with balance sheet prudence. Dalmia reported healthy volume growth (+13% YoY). However, the margin contracted on the back of continued cost inflation and sub-par cost pass-through. Unitary EBITDA came in at INR 656 per MT (down 46/30% YoY/ QoQ). The rise in blending ratio and higher green power/fuel usage cushioned the cost inflation. The company has guided that fuel costs will cool off 10% QoQ in Q3.
Promoter/FII Holdings
Promoters held 55.87 per cent stake in the company as of 30-Sep-2022, while FIIs owned 14.01 per cent, DIIs 8.01 per cent.
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