Dalmia Bharat shares slip 4% after Q1 profit falls 30% to Rs 144 crore
Dalmia Bharat share price NSE, Dalmia Bharat Q1 results 2023: Shares of Dalmia Bharat dipped on Friday, a day after the cement manufacturer reported a 29.75 per cent decline in consolidated profit after tax (PAT) at Rs 144 crore for the June quarter, impacted by higher expenses.
Dalmia Bharat share price NSE, Dalmia Bharat Q1 results 2023: Shares of Dalmia Bharat dipped on Friday, a day after the cement manufacturer reported a 29.75 per cent decline in consolidated profit after tax (PAT) at Rs 144 crore for the June quarter, impacted by higher expenses. The stock opened at Rs 1,979 and dipped as much as nearly 5.2 per cent to touch the day's low of Rs 1,915.35 from the previous close of Rs 2,020.95 on the NSE. The counter finished down 5 per cent at Rs 1,920 apiece on NSE.
India's fourth-largest cement producer by market capitsalisation — Dalmia Bharat—in a regulatory filing said that it had posted a consolidated profit after tax of Rs 205 crore in the first quarter of the last fiscal year. Consolidated revenue from operations was Rs 3,624 crore as compared to Rs 3,302 crore in the year-ago period.
Total expenses were higher at Rs 3,496 crore in the first quarter of 2023–24, up from Rs 3,075 crore in the same period a year ago, the company said. "Though we have strong conviction in our ability to outperform the industry, this quarter has been a disappointment as against our expectations," Dalmia Bharat Ltd Managing Director and Chief Executive Officer Puneet Dalmia said. He said the cement industry is in the midst of a strong demand environment on the back of a sustained push by the government on infrastructure and a robust real estate cycle already kicking in.
The company remains focused on seizing emerging demand opportunities, sustaining its position as a cost leader, and delivering a sustainable return to stakeholders, Dalmia said. During the first quarter, the company said its volume increased 12.4 per cent year-on-year to 7 million tonnes.
Dalmia Bharat share price target: Should you buy, sell, or hold?
- Morgan Stanley has maintained an overweight rating on Dalmia Bharat with a target price of Rs 2,360.
- Jefferies has maintained a buy call with a target price of Rs 2,490.
Dalmia Bharat share price history
Dalmia Bharat's stock has given a positive return of nearly 27 per cent in the last 12 months (since July 21, 2022). In comparison, the headline index, Nifty 50, has rallied nearly 19 per cent.
With PTI inputs
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