DALBHARAT · Construction Materials
Dalmia Bharat Ltd. reported revenue of ₹3,087 cr for July to September 2024, −2.1% on the year and −14.7% on the quarter.
Operating profit (EBITDA) was ₹434 cr, a margin of 14.1%, −475 bps on the year and −442 bps on the quarter. It is the narrowest margin of the last 6 quarters (range 14.1% to 21.6%). Operating costs grew +3.6%, faster than revenue at −2.1%, so operating profit grew less than sales.
Net profit was ₹49.0 cr, −60.2% on the year and −66.2% on the quarter, with earnings per share of ₹2.45. Profit before other income, one-offs and tax fell 100.0%, so 40 points of the headline growth came from outside the core business. The tax rate was 33% against an average of 22% over the previous 5 quarters, which weighed on profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹40.79 over the last four quarters, the stock at ₹1,483.90 trades at 36.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,604 cr | ₹4,307 cr | ₹3,621 cr | ₹3,087 cr | ₹3,181 cr | ₹4,091 cr | ₹3,636 cr | ₹3,417 cr | ₹3,506 cr | ₹4,245 cr | ₹3,890 cr | ₹3,563 cr |
| YoY | — | — | −0% | −2% | −12% | −5% | +0% | +11% | +10% | +4% | +7% | +4% |
| EBITDA margin | 21.6% | 15.2% | 18.5% | 14.1% | 16.1% | 19.4% | 24.3% | 20.4% | 17.2% | 21.2% | 20.7% | 13.8% |
| Other income, % of PBT | 17% | 34% | −32% | 100% | 45% | 20% | 13% | 21% | 17% | 8% | −17% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 9% | 25% | 33% | 20% | 6% | 24% | 25% | 26% | 10% | 24% | — |
| Net profit | ₹266 cr | ₹320 cr | ₹145 cr | ₹49.0 cr | ₹66.0 cr | ₹439 cr | ₹395 cr | ₹239 cr | ₹128 cr | ₹394 cr | ₹192 cr | −₹205 cr |
| YoY | — | — | +1% | −60% | −75% | +37% | +172% | +388% | +94% | −10% | −51% | −186% |
| Core profit YoY | — | — | +96% | −100% | −85% | +61% | +76% | — | +213% | +8% | −34% | −100% |
| EPS | ₹14.02 | ₹16.80 | ₹7.52 | ₹2.45 | ₹3.25 | ₹23.19 | ₹20.95 | ₹12.58 | ₹6.50 | ₹20.63 | ₹10.02 | −₹11.04 |
| Flags | · | 2 | ✓ | 2 | 2 | 1 | 1 | ✓ | ✓ | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dalmia Bharat Ltd. reported revenue of ₹3,087 cr (−2.1% on the year) and net profit of ₹49.0 cr (−60.2% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −100.0% on the year, against −60.2% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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