Dalmia Bharat Ltd.(Old)    
11 Feb 2019
Nirmal Bang Institutional
Weak Operating Performance As Expected; Stock Under Review Dalmia Bharat Enterprises (DBEL), renamed and listed as Odisha Cement, reported a 3QFY19 weak operating performance, in line with expectations. Volume growth was ~8% YoY at 4.47mnmt (below our estimate of 4.65mnmt). Grey cement realisation (unadjusted to incentive income) declined ~2.4% YoY to Rs4,866/tn and cost inflation was ~3.3% YoY at Rs4,016/tn which pulled EBITDA down by 16.5% YoY to Rs3.8bn. Overall revenues grew ~just over 5% YoY to ~Rs21.8bn. Operating costs were high because of overall inflated cost structure contributed by energy & logistic costs, higher raw material costs and other...
HDFC Securities released a Buy report for Dalmia Bharat Ltd.(Old) on 05 Aug, 2019.
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