Dalmia Bharat Q2 Results Review - Inline With Estimates: Nirmal Bang

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.Dalmia Bharat Ltd.'s Ebitda/tonne came in at Rs 950 versus our estimate of Rs 928 (a variance of 2.4%), up 45% YoY. The volume increase was somewhat subdued, coming in at 6.2 million tonne (our estimate 6.3 million tonne), up 7% YoY. The management expects a double-digit increase in volume in FY24. We expect Q2 and Q3 of FY24 to be better in terms of volume and pricing.The management reported a decline in market share in West Bengal and Bihar. We believe this is temporary and the company will be able to regain market share due to its strong brand equity and sales and marketing strategies.According to our calculations, interactions with management and market intelligence, the company has sufficient reserves to sustain current and future capacities.We maintain our 'Buy' rating on Dalmia Bharat and value it at 13 times enterprise value/Ebitda for September-25E with a revised target price of Rs 2,908. Key risks include price rollbacks, premiumisation and the potential inability to withstand intense competition in its core markets..Click on the attachment to read the full report:.Dalmia Bharat Q2 Results Review - Huge Capacity Expansion Plan In Place: Systematix.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Dalmia Bharat Q2 Results Review - Inline With Estimates: Nirmal Bang

The volume increase was somewhat subdued, coming in at 6.2 million tonne, up 7% YoY.

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