Dalmia Bharat Ltd.'s net profit declined 30% in the first quarter of fiscal 2024, missing analysts' estimates.
The cement manufacturer reported a profit of Rs 144 crore in the April-June quarter in comparison with Rs 196 crore over the same period last year, according to an exchange filing on Thursday. That compares with the Rs 240 crore profit estimated by analysts tracked by Bloomberg.
The company's sales volume grew 12.4% to 7 million tonnes.
Dalmia Bharat Q1 FY24 Highlights (Consolidated, YoY)
Revenue increased 10% to Rs 3,624 crore as compared with the estimated Rs 3,693 crore.
Earnings before interest, taxes, depreciation, and amortisation rose 4% to Rs 610 crore, as against a forecast of Rs 657.6 crore.
Margin at 16.8% vs. 17.7% and compared with an estimate of 17.8%.
"We are in the midst of a strong demand environment on the back of a sustained push by the government on infrastructure and a robust real estate cycle already kicking in," Puneet Dalmia, chief executive officer of Dalmia Bharat, said.
Shares of Dalmia Bharat closed 0.86% lower at Rs 2,021.55 apiece on the BSE, as compared with a 0.71% advance in the benchmark Sensex. The quarterly results were declared after market hours.
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