Dalmia Bharat (DALBHARAT) Q4 12/13 earnings summary

Executive summary

• FY13 delivered 20% growth in total operating revenue to ₹3,160 crore and 37% growth in consolidated net profit to ₹197 crore, despite weak economic and cement-industry conditions.

• Capacity expanded to 17.1 MnT through acquisitions; North East integration was completed in four months, with further projects expected to lift group capacity to 22 MnT.

Financial highlights

• Consolidated revenue from operations was ₹3,160.47 crore vs ₹2,636.99 crore; net revenue was ₹2,790.62 crore vs ₹2,342.18 crore.

• Consolidated EBITDA was ₹711.12 crore vs ₹642.95 crore; profit after tax was ₹197.11 crore vs ₹143.45 crore.

• Cement sales rose 12% to 6.0 MnT; realisations improved 6%, contributing to revenue growth alongside higher volumes.

• Operating costs rose 22% to ₹2,156.44 crore; power and fuel cost reached ₹751.06 crore and freight ₹412.15 crore.

Outlook and guidance

• FY14 cement demand was forecast to grow 6.5–7%; group capacity was expected to reach 22 MnT after ongoing expansions.

• The 2.5 MnT Belgaum project, estimated at ₹1,340 crore, was expected to be fully operational by FY15.

• North East projects include a 0.9 MnT grinding unit at Lanka and 1 MnT clinker unit at Umrangshu, with estimated combined investment of ₹500 crore.

• OCL’s 1.35 MnT Medinipur grinding unit, estimated at ₹520 crore, was expected to be commissioned by FY14.