India: Dalmia Bharat sold 7Mt of cement during the first quarter of the 2024 financial year, up by 12% year-on-year from 6.2Mt in the first quarter of the 2023 financial year. The company's income also rose, by 10% to US$442m, while its net profit dropped by 30% to US$17.6m. Hindu BusinessLine News has reported that the producer noted a continued downward trajectory to its fuel costs. During the quarter, Dalmia Bharat commissioned its new 2.5Mt/yr Bokaro cement plant in Jharkhand, and completed de-bottlenecking work at its 0.6Mt/yr Midnapore plant in West Bengal.
Managing Director and CEO Puneet Dalmia said "This quarter has been a disappointment as against our expectations. Having said so, we remain focused on seizing the emerging demand opportunities.”
Cement Managing Director and CEO Mahendra Singhi added “Given the promising outlook for cement demand, the expectation of stable cement prices during the rest of the year, and the softening in commodity costs, we anticipate a gradual improvement in profitability."