Dalmia Bharat slumped 8.64% to Rs 1,790 after the cement manufacturer's consolidated net profit slipped 47.5% to Rs 320 crore in Q4 FY24 as against Rs 609 crore posted in Q4 FY23.
Income from operations grew by 10% year on year (YoY) to Rs 4,307 crore in the quarter ended 31 March 2024.Sales volume during the quarter rose 18.5% to 8.8 million tonne from 7.4 million tonne registered in the corresponding quarter previous year.
Profit before tax in fourth quarter of FY24 dropped 52% to Rs 352 crore as compared to Rs 733 crore recorded in Q4 FY23.
EBITDA declined 7.8% YoY to Rs 654 crore for the quarter. EBITDA margin reduced to 15.2% in Q4 FY24 as against 18.1% in Q4 FY23.
On a full year basis, the companys net profit decreased 20.9% to Rs 853 crore in FY24 over FY23. Revenue from operation rose 8.4% YoY to Rs 14,691 crore in the financial year ended 31 March 2024.
Puneet Dalmia, managing director & CEO, said, Cement sector has a pivotal role in India's growth story and infrastructure, housing and private capex will drive the demand growth for the next decade and beyond. During FY24 we delivered a volume growth of 11.8% at 28.8Mnt and EBITDA growth of 13.4% at Rs 2,639 crore. We will continue to work on gaining market share and improving realizations while deepening the cost leadership.
Dharmender Tuteja, chief financial officer (CFO) of Dalmia Bharat said, We bounced back and delivered an industry-leading volume growth of 18.5% YoY during the quarter. However, unexpected drop in cement prices led to EBITDA erosion during the quarter with EBITDA margin declining from 18.1% in Q4 FY23 to 15.2% in current quarter. During the ensuing year, we will continue to focus on our levers of long-term cost savings including renewable energy, operationalizing our captive coal mines, digitization of supply chain and invest in our brand.
Meanwhile, the board recommended a final dividend of Rs 5 per equity share for the financial year ended 31 March 2024, subject to approval of shareholders.
Dalmia Bharat is the fourth-largest cement manufacturing company in India, with the current capacity pegged at 41.7 million tonne.
The counter hit a 52-week low of Rs 1,766.75 in todays intraday session.
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