Aggressively Goes For Renewable Energy
Peak of commodity price inflation behind us, we are expecting profitability to gradually improve from here on, Dalmia Bharat Managing Director and CEO Mahendra Singhi said.
MUMBAI, Apr 25 (The CONNECT) – Cement major Dalmia Bharat Limited has reported a volume growth of 15.9% YOY to 25.7 million tonnes while its revenue increased 20 % YOY to Rs. 13,540 Cr.
The installed capacity increased by 7.5% to 38.6 MnT as on March 31, 2023, Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited, said announcing the performance for the year ended March 31, 2024.
The company also reported one of lowest carbon footprints in global cement world at 463kgCO2/Ton of Cement.
Dalmia Bharat’s renewable energy capacity increased by 100 MW to 166 MW (>2.5 times from FY22 end) while renewable power consumption increased to 20.9% from 10.1% in FY22 (Q4 FY23 at 25.2%).
Continuing its commitment to become Carbon Negative by 2040, the company plans to further add renewable energy capacities and reach 324 MW by end of FY24.
Mahendra Singhi, Managing Director and CEO, said “With robust demand outlook, steady cement prices and the peak of commodity price inflation behind us, we are expecting profitability to gradually improve from here on.”
The company has, April 22, 2023, commenced commercial production at its second cement line at Bokaro, Jharkhand with capacity of 2.5 MnT. With this addition, the total cement capacity of the company has been enhanced to 41.1 MnT.
In line with its strategy to exit non-core business, Dalmia Cement (Bharat) Limited, a subsidiary of the Company, entered into a binding agreement to sell its entire investment of 1,87,23,743 equity Shares of Rs. 10 each (42.36% of share capital) of Dalmia Bharat Refractories Limited at a consideration of Rs. 800 Cr to M/s Sarvapriya Healthcare Solutions Private Limited, a promoter group company.
The Board has recommended a final dividend of Rs 5 per share (250%) of face value of Rs 2 per share for FY 2022-23 subject to approval of shareholders in ensuing AGM.
