Sharekhan's research report on Dalmia Bharat
In Q2FY2023, the company reported an-line performance led by solid volume growth of 13% y-o-y while EBITDA/tonne stood at Rs. 655, led by tight control on operational costs. It remains on track to achieve a 49 MT cement capacity by FY2024 and has set a target to achieve 70-75 MT by FY2027 while its long-term target of 110-130 MT by 2031 remain intact. Management remains optimistic on strong demand environment going ahead, which along with cost efficiencies yield improvement in operational profitability.
Outlook
We maintain a Buy on the stock with an unchanged PT of Rs. 2,100, considering the strong growth potential led by capacity additions.
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