Dalmia Bharat Limited, one of India’s leading cement manufacturers, has reported its consolidated financial results for the quarter and full financial year ended 31 March 2025. The company marked FY25 with strategic capacity expansions, continued leadership in sustainability, and a commitment to profitable growth despite ongoing pricing pressures and soft demand in certain markets. During the year, Dalmia Bharat achieved a significant milestone by increasing its installed cement capacity to 49.5 million tonnes per annum (MTPA). This included the commissioning of 2.4 MTPA cement capacity in Lanka, Assam, and an additional 0.5 MTPA in Rohtas, Bihar. Furthering its growth ambitions, the company announced a planned expansion of 6 MTPA, primarily targeting new markets in Western India. Financially, the company recorded a 2% year-on-year (YoY) growth in sales volumes, reaching 29.4 million tonnes. However, income from operations declined by 4.8% YoY to Rs 13,980 crore, reflecting continued pricing softness in the cement sector. EBITDA for the year stood at Rs 24.07 billion, a decline of 8.8% compared to the previous year. The EBITDA per tonne came in at Rs 820, down from Rs 917 in FY24. Net profit after tax (PAT) dropped by 18.1% to Rs 699 crore. Despite the decline in profitability, the company maintained a strong financial position, with net debt to EBITDA ratio at a comfortable 0.3x. The decline in PAT was partially attributed to a one-time provision of Rs 84 crore (pre-tax Rs 1.13 billion), related to Jaiprakash Associates Ltd., which is currently undergoing insolvency proceedings. Mr Puneet Dalmia, Managing Director & CEO of Dalmia Bharat Limited, commented on the results, stating, “The Indian economy continues to show resilience amidst global uncertainties. With robust GDP projections, higher capital expenditure, and rising disposable income, we anticipate strong cement demand. While profitability was impacted during the year, we remain confident in delivering profitable growth through volume expansion, better realisations, and cost efficiency.” Chief Financial Officer Mr Dharmender Tuteja further noted that the volume decline of 3% YoY in Q4FY25 was primarily due to the discontinuation of JP tolling volumes. However, the overall quality of sales improved, driven by a higher proportion of trade sales and a greater share of premium products. Despite a 5% YoY drop in Q4 revenue to Rs 40.91 billion, the company’s EBITDA grew by 21% YoY to Rs 7.93 billion, supported by sustained cost control measures and increased renewable power usage. On the sustainability front, Dalmia Bharat continues to be a global leader. The company maintained one of the lowest carbon footprints in the global cement industry at 465 kg CO? per tonne of cement. It also enhanced its renewable energy capacity to 267 MW, including both captive and group captive installations, with renewable energy now accounting for 36.4% of total power consumption. With further additions planned, total operational renewable energy capacity is expected to reach 595 MW by the end of FY26.