Indian cement maker Dalmia Bharat on Tuesday reported doubling its fourth-quarter profit, helped by lower fuel prices and rising demand. Total net income rose to $589 million ($71.90 million) in the quarter ended March 31 from $266 million a year earlier.
Analysts at Bob Capital Markets said the main fuel for cement production – imported coke and coal was soft at the end of the third quarter of fiscal 2023 through the fourth quarter. Products have increased in the cement sector by increasing demand in the infrastructure segment. operating income Nifty mid-cap 100 companies rose 15.7 percent year-on-year to $3.912 million.
Total expenses were $3.605 million, with energy and fuel costs falling from $873 million to $871 million in the quarter. Earlier in February, the Competition Commission of India (CCI) had proposed acquisition of some assets of Jaiprakash Associates by Dalmia Bharat, a cement company.
Dalmia Bharat cement maker said the entity will acquire Target’s cement, clinker and power plants for $5.666 million. Dalmia Bharat shares have gained 3.12 percent so far this year, against a decline of 1.04 percent in the Nifty Midcap 100 index.
Written by: Vaishali verma
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