NEW DELHI, May 15, 2017 /PRNewswire/ --
Dalmia Bharat Limited today announced its audited consolidated financial results for the Quarter and Year ended March 31, 2017.
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Particluars (Rs. in Cr.) Q4FY16 Q4FY17 Growth FY16 FY17 Growth
Sales Volumen (in MnT) 3.88 4.55 17% 12.79 15.30 20%
Total Income from Operations 2,109 2,433 15% 7,262 8,348 15%
EBITDA 512 552 8% 1,592 1,902 19%
Cash Profit 368 423 15% 1,091 1,311 20%
Profit Before Tax 201 272 36% 510 708 39%
Profit After Tax 95 184 94% 190 345 81%
EBITDA (Rs./Tonne) 1,361 1,248 (-8%) 1,265 1,258 (-1%)
EBITDA Margin 270.0% 25.2% (179) bps 24.8% 25.7% 86 bps
Key Highlights for the year
- The Company had initiated corporate restructuring during the year, with an aim to achieve consolidation and simplification of structure. The restructuring process is expected to get completed in FY18.
- The Company during the year paid down the total gross debt by Rs. 722 crore, higher than the scheduled repayments.
- The net debt as on March 31, 2017 stood at Rs. 5,233 crore, reduced by Rs. 751 crore during the year, which resulted in the net debt to EBITDA at 2.8x.
- KKR sold 75, 00,000 shares held by it in Dalmia Bharat Limited (DBL) on April 21, 2017. DBL received Rs. 588 cr. from KKR as per the terms of the placement agreement approved by the shareholders in February, 2016. Pursuant to this, net debt to EBITDA stands at 2.5x as on date.
Financial Performance
The Company delivered strong performance amidst challenging market conditions. Sales volume for the year was up 20% YoY led by focused marketing efforts. Our market share in South and North East India improved significantly.
Higher EBITDA is on account of operational efficiencies, effective costs controls and flexibility in procurement and fuel usage. Despite increase in fuel prices, variable cost of production was lower by 6% YoY at Rs. 1,320/T. Fluid and domestic petcoke was introduced in FY17 and its usage for the year was 7% and for the quarter it stands at 15%.
There were number of initiatives undertaken to drive savings in power cost. The power consumption cost reduced by 23% YOY to Rs. 3.9/kwh in FY17. The usage of captive renewable (solar power) and open access power helped in bringing enhanced efficiencies.
The Company has invested in making the processes digitized. The major benefit of the same has been realized in the area of logistics where we have been able to further optimize transport mode and market mix. It was a customer-centric initiative with an intent to provide greater satisfaction to dealers and end-consumers. The freight cost has witnessed reduction of 3% YoY for the year, despite increase in diesel prices.
On absolute basis fixed cost increased by 13% during the year. However, higher volumes helped in reducing the fixed cost on per tonne basis from Rs. 978/T to Rs. 962/T.
We reinforced our commitment towards building strong brand value through launch of DSP (super premium cement) and as of date it comprises 10% of overall retail sales.
Outlook
We expect cement demand to follow an upward trajectory due to concerted efforts by the Central Government on infrastructure development and affordable housing. The Industry expects to witness less capacity additions in the future due to increased entry barriers.
Dalmia Bharat has invested in building capabilities and is expected to grow at a steady growth rate, creating value to all our stakeholders.
About Dalmia Bharat Limited
Dalmia Bharat Limited (DBL), (BSE Code: 533309 | NSE Symbol: DALMIABHA and listed in MSE), is a leading player in cement manufacturing since 1939. It is one of the largest and most diverse cement companies in India and is the world's greenest cement company. With a growing capacity, currently pegged at 25 MnT, Dalmia Bharat Cement is also the fourth largest manufacturing capacity in the country. Spread across eight states and 11 manufacturing units, the company is also the category leader in super-specialty cements used for oil wells, railway sleepers and air strips and is the country's largest producer of slag cement. Visit us at http://www.dalmiabharat.com
Media Contact:
Pooja Bharadwaj
Asst. General Manager
Dalmia Bharat Limited
[email protected]
+91-9560166999
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