Dalmia Bharat Ltd

₹ 1,694 -2.00%
27 Jan - close price
dalmiabharat.com BSE: 542216 NSE : DALBHARAT
About

Dalmia Bharat is engaged in the business of Manufacturing and Selling of Cement. The company was started in 1939 and is the 5th largest cement manufacturer by installed capacity in India.[1][2]

Key Points

Manufacturing Capabilities
Presently, the company owns 13 manufacturing facilities across India with a total cement manufacturing capacity of 30.75 MnTPA.[1] It also owns 195 MW of cogen capacity in its manufacturing facilities.[2] It has 5-6% market share in total cement manufacturing capacity in India.[3]
5 of the company's plants are located in eastern region, 4 in southern region and 4 in north-eastern region of India. It is the only cement company with at least one plant in each of the four key eastern states of West Bengal, Bihar, Jharkhand and Odisha.[4]

Website BSE NSE
  • Market Cap ₹ 31,753 Cr.
  • Current Price ₹ 1,694
  • High / Low ₹ 2,015 / 1,212
  • Stock P/E 34.2
  • Book Value ₹ 802
  • Dividend Yield 0.53 %
  • ROCE 7.05 %
  • ROE 7.47 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 115% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 8.68% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 6.64% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Cement Industry: Cement - South India

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
2,236 2,418 2,483 1,901 2,313 2,737 3,151 2,587 2,581 2,734 3,380 3,302 2,971
1,765 1,963 1,995 1,288 1,614 2,052 2,384 1,920 1,960 2,323 2,698 2,713 2,594
Operating Profit 471 455 488 613 699 685 767 667 621 411 682 589 377
OPM % 21% 19% 20% 32% 30% 25% 24% 26% 24% 15% 20% 18% 13%
49 68 56 55 41 50 39 26 26 62 58 22 29
Interest 99 93 104 74 73 94 61 60 50 46 45 47 54
Depreciation 406 405 375 298 299 326 327 297 303 302 334 312 332
Profit before tax 15 25 65 296 368 315 418 336 294 125 361 252 20
Tax % -140% -4% 63% 36% 37% 42% -53% 29% 31% 27% -66% 25% -105%
Net Profit 36 26 24 188 232 183 639 238 203 93 600 205 47
EPS in Rs 1.40 1.24 1.35 10.13 12.36 9.74 33.51 12.13 10.58 4.54 31.76 10.46 2.45
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
7,444 8,579 9,484 9,674 10,110 11,286 12,387
5,550 6,543 7,542 7,591 7,340 8,855 10,328
Operating Profit 1,894 2,036 1,942 2,083 2,770 2,431 2,059
OPM % 25% 24% 20% 22% 27% 22% 17%
296 274 235 217 145 161 171
Interest 856 708 542 415 303 202 192
Depreciation 1,226 1,213 1,296 1,528 1,250 1,236 1,280
Profit before tax 108 389 339 357 1,362 1,154 758
Tax % 69% 25% -3% 33% 13% -1%
Net Profit 44 291 349 238 1,183 1,173 945
EPS in Rs 8,800.00 58,400.00 15.96 11.61 62.58 61.06 49.21
Dividend Payout % 0% 0% 13% 17% 2% 15%
Compounded Sales Growth
10 Years: %
5 Years: 9%
3 Years: 6%
TTM: 12%
Compounded Profit Growth
10 Years: %
5 Years: 115%
3 Years: 75%
TTM: -26%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 24%
1 Year: -5%
Return on Equity
10 Years: %
5 Years: 5%
3 Years: 7%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
6,654 6,654 39 39 37 37 37
Reserves 2,963 3,667 10,586 10,511 12,767 15,629 14,995
8,038 7,266 5,883 6,049 3,839 3,176 3,369
10,261 10,401 4,030 4,279 5,243 5,630 5,143
Total Liabilities 21,262 21,334 20,538 20,878 21,886 24,472 23,544
15,516 14,037 13,573 12,555 13,626 14,008 14,288
CWIP 128 173 520 1,740 1,006 1,047 1,487
Investments 2,740 3,505 2,424 2,816 4,033 5,704 3,636
2,878 3,619 4,021 3,767 3,221 3,713 4,133
Total Assets 21,262 21,334 20,538 20,878 21,886 24,472 23,544

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,875 1,606 1,843 2,340 3,604 1,937
-139 135 189 -1,760 -300 -1,050
-1,749 -1,564 -2,067 -594 -3,375 -942
Net Cash Flow -13 177 -35 -14 -71 -55

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 26 24 21 25 18 22
Inventory Days 189 186 211 204 180 234
Days Payable 258 222 179 173 213 211
Cash Conversion Cycle -43 -12 53 55 -14 45
Working Capital Days -29 -29 -25 -37 -24 -20
ROCE % 6% 4% 4% 10% 7%

Shareholding Pattern

Numbers in percentages

2 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
54.28 55.81 56.07 56.07 55.97 55.97 55.97 55.97 55.90 55.90 55.87 55.86
15.29 14.15 14.22 13.53 13.46 13.14 13.77 13.46 12.63 12.59 12.37 12.43
5.49 3.88 3.64 3.93 4.96 5.72 6.00 6.49 7.07 7.26 8.14 8.13
0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.13 0.13
24.87 26.09 25.99 26.40 25.53 25.10 24.18 24.01 24.33 24.18 23.49 23.45

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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