Dalmia Bharat Q4 Review - Well-Placed To Gain Market Share: Motilal Oswal
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Motilal Oswal Report
Dalmia Bharat Ltd. continued to post market share gains in Q4 FY21, as volumes grew 24% YoY (despite weak demand in South India), supporting 53% growth in Ebitda.
Cost is expected to rise in the near term due to higher cost of steel slag and energy.
On the other hand, the industry has taken a sharp 20% price hike in East India (approximately 50% of the company’s volumes) in the last two months, which would expand margins.
We expect market share gains to continue, supported by ~25% capacity expansion over the next year.
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