Securities has buy call on Dalmia Bharat with a target price of Rs 2030. The current market price of is Rs 1412.2. Time period given by analyst is one year when Dalmia Bharat Ltd. price can reach defined target.
Dalmia Bharat Ltd., incorporated in the year 2013, is a Mid Cap company (having a market cap of Rs 26514.54 Crore) operating in Cement sector.
Dalmia Bharat Ltd. key Products/Revenue Segments include Income From Management Services for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 3433.00 Crore, up 24.34 % from last quarter Total Income of Rs 2761.00 Crore and up 3.37 % from last year same quarter Total Income of Rs 3321.00 Crore. Company reported net profit after tax of Rs 600.00 Crore in latest quarter.
Investment Rationale
Dalmia Bharat reported strong Q4FY22 result, led by a healthy rebound in its cement realisation, leading to a ~25% EBITDA beat vs ours and consensus estimates. While consolidated revenue rose 7% YoY on both realisation and volume uptick, EBITDA fell 11% on sharp energy cost inflation. Unitary EBITDA rebound 44% QoQ to INR 1,035/MT due to a healthy cement price recovery in the east, rise in share of trade sales, and op-lev gains. Continued gains in its IEX investments turned balance sheet net cash in Mar-22. Dalmia noted that its plans to expand capacity to 49mn MT by FY24E is on track. Owing to its attractive valuation, the brokerage maintains BUY rating, with a revised TP of INR 2,030/sh (13x its Mar-24E consolidated EBITDA).
Promoter/FII Holdings
Promoters held 55.9 per cent stake in the company as of 31-Mar-2022, while FIIs owned 13.96 per cent, DIIs 5.74 per cent.
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