Dalmia Bharat, which has India’s fifth largest installed cement manufacturing capacity of 26.5 million tonnes per annum (MTPA), surged today to hit a record high at Rs.1879, up 3.5% though volumes were less than 4200 shares.
Yesterday, after market hours, the company announced that Dalmia Power, a wholly-owned subsidiary of Dalmia Bharat sold 1.34cr equity shares or 4.5% stake in IEX in the open market on May 20, 2021, at a consideration of Rs487.55cr.
Post this disposal balance shareholding of the company (directly or indirectly) in IEX is 15.52%.
The company had ended Q4FY21 with a sharp uptick in consolidated net profit at Rs.640 crore v/s Rs.24 crore (YoY) on a 32% rise in revenue from operations at Rs.3281 crore. Apart from revenue, a tax credit of Rs.212 crore helped the bottomline.
In current Q1FY22, the company expected cement volumes to drop sequentially due to the pandemic. It also postponed the announcement of its capital allocation policy for FY22.
The company though is optimistic and expects to end FY22 with volume growth which will beat the industry estimate of 10-12%, mainly due to capacity expansion and higher utilisation.