Motilal Oswal's research report on Dalmia Bharat
DALBHARA’s 4Q EBITDA came in at INR7.1b v/s estimated INR6.8b and EBITDA/t stood at INR955 v/s estimated INR910. PAT (adj. for exceptional gain and MI) came in at INR3.0b v/s estimated INR2.8b. The company has entered into definitive agreements to acquire the remaining cement assets (clinker/cement capacity of 3.4mtpa/4.2mtpa) from JP group. Earlier in 3QFY23, it signed an agreement to acquire clinker/cement capacity of 3.3mtpa/5.2mtpa from the group. We largely reiterate our earnings estimates for FY24/FY25. We have not factored in the JP group asset acquisition into our assumptions.
Outlook
We reiterate our BUY rating with a revised TP of INR2,320 (from INR2,170 earlier), valuing it at 12.5x FY25E EV/EBITDA (v/s Sep’24E earlier).
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