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Dalmia Bharat Ltd.’s Q1 FY23 efficiency was above our estimates pushed by an all spherical beat. Ebitda/working revenue margin stood at Rs 6 billion/18% (our estimate: Rs 5 billion/16%). Ebitda/tonne at Rs 945 (our estimate: Rs 848).
Variable price improve for Dalmia Bharat is the bottom amongst its friends as a consequence of a better clinker-to-cement conversion ratio.
We elevate our FY23/FY24 Ebitda estimate by 10%/2%, which is driving the earnings per share improve of 26%/3%.
We just like the inventory owing to its development plans, locational benefit in East India, and value discount measures.
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