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Buy Dalmia Bharat; target of Rs 2440: HDFC Securities

HDFC Securities is bullish on Dalmia Bharat has recommended buy rating on the stock with a target price of Rs 2440 in its research report February 06, 2023.

February 10, 2023 / 09:39 PM IST
 
 
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HDFC Securities' research report on Dalmia Bharat

Dalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reduction. Dalmia will be acquiring 5.2mnMT JPA’s cement plants in the central region by H2FY24E, expanding its pan-India footprint. This along with the ongoing expansion will increase its capacity to 54mn MT by FY24E-end (vs 36mn MT at FY22-end).


Outlook

We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA). We continue to like DALBHARA for its robust volume and margin outlook.

For all recommendations report, click here

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Dalmia Bharat - 07 -02 - 2023 - emkay

Broker Research
first published: Feb 10, 2023 09:39 pm

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