"Dalmia Bharat has reported a standalone total income from operations for the quarter stood at Rs. 547.90 million against Rs. 459.90 million in the corresponding quarter of the previous year and Rs. 560.30 million in the previous quarter. The EBIDT for the quarter was to Rs. 227.90 million from Rs. 206.90 million in the previous quarter an increase of 10.15 percent. Net profit slightly increased to Rs. 188.50 million against Rs. 186.70 million in the corresponding quarter ending of previous year, an increase of 0.96 percent."
"The consolidated total income from operations was Rs. 7400 million for the period as against Rs. 6840 million for the corresponding quarter ending September 30, 2012, an increase of 8 percent driven by increase in sale volume by 11 percent. The EBITDA for the quarter was Rs. 1010 million as compared to Rs. 1870 million in Q2 FY13. The industry continues to face challenging scenario with low demand and volatile prices. The Company is mitigating this risk through focused initiatives to reduce cost and capture market share."
"For half yearly consolidated EBITDA was Rs. 2310 million as compared to Rs. 3560 million in H1 FY13 while EBITDA margin was 16 percent and 27 percent respectively. This contraction of EBITDA margin was mainly on account of drop in sales realization by 5 percent, impact of exchange rate fluctuation; increased freight cost due to rise in diesel prices and increased lead distance an account of constrained demand scenario. Variable cost per tone for Douth operations has witnessed a decline of 2 percent on YoY basis."
"The Company continues to improvise further on their efficiency parameters which have shown positive impact and it has been able to optimize the cost of production in North East and South operations. It is focusing on enhanced usage of petcoke & alternate fuel in klin and lignite in Captive Power Plants. Besides this, it also is doing necessary capex to bring down power consumption in cement grinding in North East operations. The company's all upcoming projects are progressing as per schedule. Over FY2012-15E, we expect the company to post a CAGR of 14 percent and 24 percent in its top-line and bottom-line respectively. Hence, we recommend 'BUY' on the stock with a target price of Rs 184," says Firstcall Research Report.
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