Dalmia Bharat’s recent announcement of the restructuring of its operations and bringing its refractory under a single entity is a positive one, for the cement maker. But, apart from this, and more importantly, the company has continued to expand capacities, a key factor driving its fortunes. This has also helped Dalmia Bharat post volume growth of 8 per cent year-on-year to 4.47 million tonnes (MT) in the September quarter (Q2), thereby beating the trend of declining volumes seen by many of India’s leading cement manufacturers.
While the company could grow volumes, a weak demand environment meant a decline in realisations. The