Puneet Dalmia takes helm at Dalmia (Cement) Bharat

27 Jan 2024 CW Team

Puneet Dalmia is set to assume the additional responsibilities of Chief Executive Officer and Managing Director at Dalmia (Cement) Bharat, the entity overseeing the cement operations of Dalmia Bharat, as per the company's notification to stock exchanges. Currently serving as the Managing Director and CEO of Dalmia Bharat, Puneet Dalmia shared the company's quarterly results for the third quarter of the fiscal year 2023-24. The report highlighted sales of Rs 36 billion and an EBITDA of Rs 7.75 billion. The cement business experienced a 6.8 million-tonne sales volume, reflecting an 8% year-on-year growth.

The company's cement capacity reached 44.6 million tonnes. Puneet Dalmia expressed optimism about India's transformative decade, marked by significant reforms, and emphasised the transition from a reform phase to a rapid growth phase. With an eye on substantial growth opportunities, he affirmed the company's commitment to achieving a capacity of 110-130 million tonnes by 2031.

Dalmia reported improved margins, with a sales volume increase of 8.1% year-on-year and a 20.3% year-on-year growth in EBITDA to Rs 7.75 billion in Q3FY24. Puneet Dalmia credited stable cement prices and a correction in commodity prices for the margin recovery. The company's net debt to EBITDA ratio remained low at 0.16x, providing ample financial flexibility for executing expansion plans?a factor noted to be among the lowest in the industry.

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