Dalmia Bharat Q1 Review - Better Performance Amid Headwind: Dolat Capital
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Dolat Capital Report
Dalmia Bharat Ltd. reported result broadly in line, but adjusted profit after tax above estimates.
Dalmia Bharat posted 27.4% YoY growth in revenue to Rs 33.0 billion led by up 26.3% YoY in volume to 6.2 million tonne (down 5.6% QoQ) and up 0.5% YoY in realisation/tonne to Rs 5,326 (up 3.5% QoQ).
Ebitda/adjusted profit after tax reported down 17.8%/ down 30.0% YoY to Rs 5.9 billion/ Rs 2.0 billion.
We expect 17.0%/ 13.8%/ 14.0% revenue/ Ebitda/profit after tax compound annual growth rate over FY22-24E led by 15.0%/ 15.0% volume growth and up 3.5%/ 0% realisation growth in FY23E/ FY24E.
We broadly maintain revenue estimates for FY23E/ FY24E. However, we decrease Ebitda/adjusted profit after tax estimates by 7.1%/ 15.1% for FY23E as we factor marginally lower volume and realisation and marginally higher opex.
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