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ICICI Securities Report
Dalmia Bharat Ltd.’s Q1 FY21 Ebitda at Rs 6.1 billion (down only 8% YoY) was significantly higher than our/consensus estimates.
This was led by 14.3% QoQ increase in realisation and strict cost control (cost/tonne declined 5% YoY). Ebitda/tonnee increased 17% YoY to highest-ever of Rs 1,675/tonne (our estimate Rs 1,280/tonne).
Commissioning of 4.5 million tonne grinding units in East (out of planned 7.8 million tonne) has been delayed due to Covid-19 and is now expected by December 2020.
Net debt declined Rs 7.3 billion QoQ (including mark to market gain of Rs 3.1 billion on India Energy Exchange investments) to Rs 21 billion as of June 2020 end.
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