Dalmia Bharat Q4 Review - Capital Allocation Policy Deferred: ICICI Securities
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ICICI Securities Report
Dalmia Bharat Ltd.'s Q4 FY21 Ebitda at Rs 7.8 billion (up 53% year-on-year) was broadly in line with consensus estimates.
Volumes grew 24% YoY implying a two-year compound annual growth rate of 7%.
While realisation increased 4% quarter-on-quarter (8% YoY), total cost/tonne also rose 4.5% QoQ resulting in broadly flat Ebitda/tonne QoQ at Rs 1,209/tonne (up 23% YoY).
Management deferred the announcement of capital allocation policy (which aims to double the company’s capacity) citing Covid-19 resurgence.
While near-term volumes may be impacted due to various government restrictions to combat Covid-19, management expects demand to bounce back as situation normalises.
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