Dalmia Bharat Ltd. · NSE:DALBHARAT
Dalmia Bharat — Investor Presentation (February 2023)
75 slides from Dalmia Bharat's investor presentation, Feb 22, 2023
Slide 1: Exchange filing cover letter
File No: 1010/02 February 21, 2023 BSE Limited National Stock Exchange of India Limited P J Towers, Dalal Street, “Exchange Plaza”, Plot No. C-1, Block G Fort Mumbai - 400001 Bandra - Kurla Complex, Bandra (East), Scrip Code: 542216 Mumbai - 400 051 Symbol: DALBHARAT Subject: Investor Presentation –
Slide 2: Investor Presentation February 2023
INVESTOR PRESENTATION February 2023
Slide 3: Disclaimer
Disclaimer Certain statements in this presentation describing the Company's objectives, projections, estimates and expectations may be 'forward looking statements' within the meaning of applicable laws and regulations. Although our expectations are based on reasonable assumptions, these forward-look
Slide 4: Table of Contents
PA G E SECTION NO. 01. Dalmia at a Glance 4 02. Industry Outlook 12 03. Company Overview 21 TA B L E O F CO N T E N T S 04. Shareholder Value and Capital Allocation 41 05. ESG 50 06. Appendix 71 3
Slide 5: Dalmia at a Glance
SECTION 01 DALMIA AT A GLANCE 4
Slide 6: Dalmia Group Overview
Dalmia Group Overview Founded in 1939 by Late Shri Jaidayal Dalmia, Dalmia Group is one of the Fastest Growing and Most Profitable Groups in India ▪ Fourth-largest cement ▪ One of the fastest growing cane- manufacturing company in based multi-product companies India ▪ Capacity: 39,000 TCD* ▪ Capacit
Slide 7: Dalmia Bharat Limited
DALMIA BHARAT LIMITED - 4th Largest Cement Player in the Fastest Growing Economy in the World 6
Slide 8: Our Vision, Our Mission, Our Values
Biodiversity park at our Ariyalur plant Our Vision To unleash the potential of everyone we touch Our Mission To be in the top two in all our businesses on the strength of our people and the speed of our innovation Our Values ▪ Integrity ▪ Humility ▪ Trust & Respect ▪ Commitment People. Planet. Perfo
Slide 9: Dalmia Bharat by the Numbers
Dalmia Bharat by the Numbers Fundamentals Financials 37.0 MnT* 22.2 MnT ₹11,286 Cr ₹ 5,059 Cement Capacity Sales Volume Net Sales NSR / Ton 20.9 MnT * 364 MW * ₹ 2,426 Cr ₹ 1,091 Clinker Capacity Captive Power Capacity EBITDA EBITDA / Ton 14 22 21.5% ₹34,924 Cr* Plants States Served EBITDA Margin Ma
Slide 10: Key Milestones Over The Past Decade
Key Milestones Over The Past Decade Commissioned Expansion into 2.5MnT North East through Entered into Past Decade Commenced production greenfield Acquisition of Acquired Kalyanpur Definitive agreement of Line 2 at BCW unit in project in Received Calcom and Cement Limited to acquire cement Consisten
Slide 11: Geographic Expansion
Geographic Expansion FY12 3 PRESENT 14 PLANTS IN PLANTS IN 2 STATES 10 STATES 9.0MnT 37.0MnT 4.3MnT NORTH EAST 17.7MnT 2.9MnT EAST WEST 9MnT 12.1MnT SOUTH SOUTH Our Markets Our Markets Existing Plants Existing Plants 10
Slide 12: Growth Snapshot
Growth Snapshot 10 YEAR CAGR* 15% 17% 15% 13% Capacity Revenue EBITDA EPS 4x 5x 4x 3x Aggressive Yet Sustainable Growth Enabled Us to Evolve as the 4th Largest Cement Player In India *FY12-FY22 11
Slide 13: Industry Outlook
SECTION 02 INDUSTRY OUTLOOK 12
Slide 14: Strong Revival In Indian Economy
Strong Revival In Indian Economy India’s underlying economic fundamentals are strong despite the recent short-term turbulence Index of Industrial Production YoY% Growth 25.0% While IIP witnessed a slight 15.0% decline in October, it has consistently witnessed high 5.0% growth in the month of Novembe
Slide 15: Cement Demand Growth To Be Robust
Cement Demand Growth To Be Robust Overall Cement Demand was ~345 MnT in FY22 Industry Cement Volumes (MnT) 450 400 394 350 365 336 345 300 330 325 298 250 284 280 200 150 100 50 - FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23E FY24E Demand trajectory in the medium-term to remain healthy which is expected
Slide 16: Cement Demand Growth To Be Robust
Cement Demand Growth To Be Robust After a slowdown in last decade, Cement Demand is expected to revive driven by a fresh Housing Cycle, Capex Cycle and Commodity Cycle Housing + Capex Cycle FY14: Taper tantrum Housing Cycle FY17: Demonetization Capex Cycle FY18: GST/RERA Implementation Commodity Cyc
Slide 17: Cement Demand Growth To Be Robust
Cement Demand Growth To Be Robust Low per capita cement consumption presents healthy cement demand growth opportunity largely supported by housing and infrastructure sectors Cement Demand Mix Per Capita Cement Consumption/Kg 10% 500-550 Rural Housing 30% Urban Housing 23% Low Cost Housing 225-250 In
Slide 18: Key Demand Drivers
Key Demand Drivers Rural Housing ▪ Government’s continued push on affordable housing, reflected in rising spending to provide subsidized loans to & Affordable economically weaker segments of the population will support growth in cement demand Housing ▪ Target for pending houses to be completed under
Slide 19: Recovery in Real Estate Market
Recovery in Real Estate Market The Residential sector has recorded a 9-year high sales volume in CY 2022 Residential Unit Sales and Launches in Top 8 Cities in India 180000 160000 140000 120000 100000 80000 60000 40000 20000 0 H1 2015 H2 2015 H1 2016 H2 2016 H1 2017 H2 2017 H1 2018 H2 2018 H1 2019 H
Slide 20: Capex Push of Government to Drive Demand
Capex Push of Government to Drive Demand Union budget FY24`s Capex push as well as continued focus on infrastructure development will boost cement demand Capex by Center (Rs Trillion) 10 7.5 6 4.3 3.1 3.4 2.5 2.8 2.6 1.7 1.9 2 1.6 1.6 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23B
Slide 21: National Infrastructure Pipeline (NIP)
National Infrastructure Pipeline (NIP) Breakup of Infra Investment planned Under NIP NIP Envisages Rs 111 lakh crore investment over FY20-FY25 period which would (Rs lakh crore) require doubling the pace of infrastructure investment Other Infra 11.9 Major Part of NIP is towards transportation, energ
Slide 22: Company Overview
SECTION 03 COMPANY OVERVIEW 21
Slide 23: Company Overview
Company Overview Integrated Model with State-of- Lowest Cost Producer with Proven Multi-tier Governance Structure Pioneer in the Area of the-Art Production Facilities and Track Record of Financial Overseen by Diverse Board Sustainability Supply Chain Performance 01 03 05 07 02 04 06 Diverse Product
Slide 24: Pioneer in the Area of Sustainability
01 Pioneer in the Area of Sustainability Clinker Factor (%) Dalmia has one of the lowest net carbon footprint in Global cement 76 industry - 462 CO₂ emission-Kg/ton in Q3FY23 68 61 First cement group to commit to become carbon negative by 2040 Largest producer of slag cement in India with 83.1% blen
Slide 25: Globally Recognized for its Focus on Sustainability
01 Globally Recognized for its Focus on Sustainability ▪ COP 27 Business Leader ▪ Ranked #1 by CDP in global cement sector on business readiness for a low carbon economy transition DALMIA BELIEF ▪ Only cement company in the world to be invited to participate at the UN Climate Action Clean and Green
Slide 26: Diverse Product Portfolio with Strong Brand Recognition
02 Diverse Product Portfolio with Strong Brand Recognition Product mix, FY22 OPC Consumer Brands 18% 21% PPC 25% PCC 36% PSC ▪ AA+ Category ▪ Produced using ▪ Protects the premium product for superior ingredients to construction from high strength provide high strength harsh environmental Largest pr
Slide 27: Diverse Product Portfolio with Strong Brand Recognition
02 Diverse Product Portfolio with Strong Brand Recognition East (Orissa) “A+” 7% Dalmia DSP, Concreto, ACC F2R ₹25/bag “A” 22% Dalmia Ultratech ACC&Ambuja Nuvoco ₹65/bag “B” JK Lakshmi Birla Corp Emami South (TN Market) North East “A+” “A+” 5% Dalmia DSP 5% Dalmia DSP Ramco Super Crete Star Antirust
Slide 28: Consistent Increase in Share of Premium Product
02 Consistent Increase in Share of Premium Product DSP % of Trade Sales 31% 26% ▪ Since its launch, Dalmia DSP has been 20% 20% 18% immensely successful in East and North 18% 17% East Region 13% 18% ▪ DSP contributes 10-15% higher 11% 10% profitability than other products 13% 10% ▪ Constant increase
Slide 29: Diverse Product Portfolio with Strong Brand Recognition
02 Diverse Product Portfolio with Strong Brand Recognition A testament of the quality of our cement is its usage in construction of some of the breakthrough projects in the country Bogibeel Bridge, Assam Hirakud Dam, Odisha Chennai Metro, Tamil Nadu The largest Rail and Road Bridge in India World's
Slide 30: Diverse Product Portfolio with Strong Brand Recognition
02 Diverse Product Portfolio with Strong Brand Recognition Bangalore Metro Bangalore Mysore Highway Kundankulam Nuclear Plant 5.2 lac Passengers per day. Subansiri HE Project Teesta Hydro Electric Project Kalinga Stadium 2000 MW project in Arunanchal Pradesh 500 MW project Multi Purpose Internationa
Slide 31: Integrated Model with State-of-the-Art Facilities
03 Integrated Model with State-of-the-Art Facilities Raw Material Power Plants Limestone Power Source Location ▪ Each integrated plant has captive ▪ ~2/3 of power need met by 10 ▪ Well Balanced Capacity staggered at mines to extract limestone Captive Power Plants central locations ▪ Avg. Life of Min
Slide 32: One of most Efficient and Robust Supply Chain
03 One of most Efficient and Robust Supply Chain Logistics Optimization Initiatives in FY22 Supply Chain by Numbers Introduced supply chain optimizer tool to improve our network 8,000+ Truck Fleet Institutionalized reverse auction across plants 300+ Warehouses Daily Truck Ensured stock transfer thro
Slide 33: Focused on Usage of Smart Technology
03 Focused on Usage of Smart Technology Focused on automation and mobility and cloud solutions, strengthening supply chain management Plant Logistics Transaction Lifecycle (Suvidha App) Technology Stack Developed an in-house app to track and control the entire logistical 02 Dealers get access real-t
Slide 34: Ability to Add Capacity at Lowest Cost
04 Ability to Add Capacity at Lowest Cost 38.0 120% 33.0 100% 35.9 94% 100% 28.0 30.9 Current 78% Capacity 26.5 26.5 80% 23.0 25.0 25.0 25.0 25.0 62% 37.0 MnT 57% 72% 73% 67% 18.0 52% 51% 68% 60% 51% 45% 46% 61% 13.0 51% 40% 11.8 11.8 11.8 43% 8.0 Average 9.0 9.0 Cost 6.5 20% 3.0 1.2 3.5 3.5 $40/T -
Slide 35: Lowest Total Cost Producer of Cement in India
05 Lowest Total Cost Producer of Cement in India Raw Material Cost/T Power & Fuel Cost/T Rs/T Key drives Rs/T include long 780 754 term tie-ups 1,156 1,200 748 725 742 726 675 674 999 979 660 637 625 659 648 655 with suppliers, 893 922 887 894 824 812 798 focus on 649 740 608 blended cement along wi
Slide 36: Proven Track Record of Financial Performance
05 Proven Track Record of Financial Performance Sales Volume (MnT) Sales Revenue 11,286 20.70 22.20 Consistent Capacity 9,674 10,110 18.69 19.29 9,484 16.96 additions have 8,580 15.30 7,447 12.79 enabled us drive 6,411 volume and revenue growth FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY16 FY17 FY18 FY19
Slide 37: Proven Track Record of Financial Performance
05 Proven Track Record of Financial Performance Net Debt (Rs Cr) Net Debt/EBITDA 3.76 6,052 Our resiliency has 5,241 2.76 enabled us to 3,514 3,124 Delever our Balance 1.73 1.61 2,825 1.34 Sheet and provided 154 Flexibility for future 0.06 FY16 FY17 FY18 FY19 FY20 FY21 FY22 expansion FY16 FY17 FY18
Slide 38: Market Leader in Highly Attractive East India Market
06 Market Leader in Highly Attractive East India Market Capacity Break Up - East Per capita cement consumption of the GDP growth of eastern regions is well eastern regions is well below Pan-India above Pan-India GDP growth in FY22(1) Others 20% 17% ▪ East 150 – 175 kg 17% ▪ East: 10.9% 13% ▪ All Ind
Slide 39: Multi-Tier Governance Structure
07 Multi-Tier Governance Structure ▪ Audit Committee ▪ Risk Management Committee ▪ Stakeholders’ Relationship Committee ▪ Group Governance Committee ▪ Nomination and Remuneration Committee ▪ Buy Back Committee Board of ▪ Corporate Social Responsibility Committee Directors Executive ▪ 11 member team
Slide 40: Overseen by a Reputed Board
07 Overseen by a Reputed Board Pradip Kumar Khaitan Yadu Hari Dalmia Gautam Dalmia Puneet Dalmia Sudha Pillai Virendra Singh Jain Niddodi Subrao Rajan Chairman & Independent (Non-Executive Director) Managing Director Managing Director & CEO Independent Director Independent Director (Non-Executive Di
Slide 41: Managed by a Diverse Leadership Team
07 Managed by a Diverse Leadership Team Mahendra Singhi Rajiv Bansal Dharmender Tuteja Udaiy Khanna Ganesh Wamanrao Dr. Arvind Bodhankar (MD & CEO – DCBL) President and Chief Chief Financial Officer Head - Human Resources Jirkuntwar Head – ESG and Chief Risk Transformation Officer Head - Manufacturi
Slide 42: Shareholder Value and Capital Allocation
SECTION 04 SHAREHOLDER VALUE AND CAPITAL ALLOCATION 41
Slide 43: Drivers of Value Creation
Drivers of Value Creation GROWTH PROFITABILITY RESPECT & CASH FLOW GENERATION HUMAN CAPITAL DIGITIZATION ACCELERATED FOCUS ON ESG 42
Slide 44: Strategic Imperatives
Strategic Imperatives ▪ PAN India Pure Play Cement Company ▪ Significant presence in every market wherein Dalmia operates Strategic ▪ Grow capacity at a CAGR of 14% - 15% over the next decade to reach 110-130 MnT by 2031 Vision ▪ Target of 75 MnT by 2027 ▪ Maintain a strong balance sheet along with
Slide 45: Disciplined and Value Focused Capital Allocation
Disciplined and Value Focused Capital Allocation Capital Allocation Framework Up to 10% of the Operating Cash Flow towards shareholders’ return which would include a mix of both dividend & share buy-backs Up to 10% of Operating Cash Flow towards an Innovation & Green Energy Fund which would be chann
Slide 46: Innovation and Green Energy Fund
Innovation and Green Energy Fund Innovation in Logistics through use of digital tools and cutting edge technology Investment in Industry 4.0 and IIoT for process optimization, enhancing productivity, superior scheduling & load balancing and performance management Nurture initiatives which would help
Slide 47: Capex Plan
CAPEX PLAN 46
Slide 48: Cement Capacity Expansion Plan – 49 MnT by FY24
Cement Capacity Expansion Plan – 49* MnT by FY24 Region Plant Capacity Commissioning Closing Capacity FY22 35.9 +1.4 MnT NORTH EAST East Bokaro, JH 0.6 North East Adhunik, ML 0.2 H1FY23 East Rajgangpur, OR 0.3 Closing Capacity H1FY23 37.0 East Kapilas, OR 0.4 East Medinipur, WB 0.6 FY23 South Belgau
Slide 49: Clinker Capacity Expansion Plan
Clinker Capacity Expansion Plan FY22 Q2FY23 FY24E SOUTH 7.8 9.0 10.4 EAST 6.8 7.4 8.3 NORTH-EAST 2.3 2.4 2.9 WEST 2.0 2.1 2.1 TOTAL 18.9 20.9 23.7 (Figures in MnT) 48
Slide 50: Estimated Capex Breakdown
Estimated Capex Breakdown C Ongoing New capacity Sustainability Others Capex 10 MnT including Green Initiatives Including Mining 7.75 MnT clinker Land, Maintenance debottlenecking Capex/ ROI expenses ₹1,000 - ₹1,200 Cr* ₹4,700 - ₹5,000 Cr ₹1,000 - ₹1,200 Cr ₹1,800 - ₹2,000 Cr* *Augmentation for lime
Slide 51: ESG
SECTION 04 ESG 50
Slide 52: Environmental, Social and Governance (ESG)
Environmental, Social and Governance (ESG) Environmental, Social & Corporate Governance (ESG) has been an central pillar of our business strategy Environmental Social Governance Our specific net emissions, 462 kg CO2/ Corporate Social Responsibility activities Institutionalized good governance led t
Slide 53: Leading the Cement World Globally in Carbon Emissions
Leading the Cement World Globally in Carbon Emissions ^ ^ 351 462 Dalmia Bharat Dalmia Bharat Net Eastern Operations 608 560 CO2Emissions Net CO2Emissions India Average** Global Average* * Source: GNR data published in 2021 representative of 22% cement production in the world. ** Source: GNR data pu
Slide 54: Carbon Negative Roadmap
Carbon Negative Roadmap Dalmia Determined Contribution (DDC) 100% blended cement production by 2025 Grey to Green Roadmap for Carbon Negative Transition RE 100 commitment to transition to 100% renewable power by 2030 EP 100 commitment to double energy productivity by 2030 EV 100 commitment for sizab
Slide 55: Carbon Negative Roadmap
ws Dalmia Carbon Negative Roadmap onan Resource efficiency through circular economy concept Energy efficiency Carbon yp Negative 2040 \ Green Hydrogen = Solar Calcination Deep decarbonisation Novel Cements 54
Slide 56: WHRS and Solar Power Update
WHRS and Solar Power Update Renewable Energy Power (WHRS and Solar) 180 WHRS Solar 160 140 FY23 - Solar Commercialization Total Renewable Power - MW 120 100 ▪ JanFY23 63 ▪ Rest of FY23 5 95 100 68 80 60 32 FY23 - WHRS Commercialization 40 69 59 ▪ JanFY23 28 10 20 ▪ Rest of FY23 10 8 8 31 22 38 9 9 0
Slide 57: MoU with FLSmidth, Denmark
MoU with FLSmidth, Denmark To Develop Breakthrough Innovations To Support Sustainability In Cement Industry, Dalmia Cement Signs MoU With FLSmidth, Denmark Under Green Strategic Partnership Of India And Denmark Government ➢ The company has signed a MoUwith FLSmidthA/S, a leading supplier of technolo
Slide 58: First Triple Joiner Globally of RE 100, EP 100 and EV 100
First Triple Joiner Globally of RE 100, EP 100 and EV 100 A global initiative bringing A global campaign to A global global initiative to together businesses double Energy Productivity accelerate the transition committed to 100% by 2030 to Electric Vehicles renewable electricity by 2030 One of One o
Slide 59: First Cement Company to join Globally
- First Cement Company to join Globally A global campaign towards a 1.5°C future at UN Climate Action Summit 58
Slide 60: Globally ranked No. 1 by CDP
Globally ranked No. 1 by RANK: 1 SCORE: 4.64 In line with the Paris Agreement, Dalmia emerged as one of the world’s greenest cement manufacturing companies RANK: 2 SCORE: 5.62 RANK: 3 Out of the 13 cement majors globally, Dalmia Bharat ranked at the SCORE: 5.90 top of the Cement Sector League Table
Slide 61: Industry Leading Water Positive Operations
Industry Leading Water Positive Operations OUR STRATEGY OUR RESULTS 20x Air cooling instead of water cooling in CPP 13.3x 2025 5x 2022 2019 Rain water harvesting FY22* Million m3 Zero water discharge at Freshwater Water withdrawal 3.0 plants Total Water withdrawal 4.0 Water recycled 1.1 Intervention
Slide 62: Usage of Industrial Wastes as Raw Material or Fuels
Usage of Industrial Wastes as Raw Material or Fuels Highest Alternative Raw Material consumption rate globally in the sector 4.0 MnT fly ash 0.17 MnT Synthetic Gypsum Dalmia Bharat is a Total Waste and 4.29 MnT Steel Slag Plastic Waste 45,710 Ton Lime Sludge Recycling Positive Company 241,559 Ton Re
Slide 63: Sustainability Measures and Its Impact
Sustainability Measures and Its Impact Measures Impact ▪ Natural resource conservation by optimal use of ▪ Less Limestone and energy consumption /ton of Industrial wastes from other industries such as Steel, cement Thermal Power, Aluminum ▪ Became largest producer of Portland Slag cement in ▪ Strate
Slide 64: Sustainability - Awards & Accolades
Sustainability - Awards & Accolades Dalmia Bharat has been consistently respected and recognized for its focus on Sustainability Green Accreditation Corporate Category: Sustainability in Green Product Rating for Integrated Habitat Cement Sector Assessment (GRIHA) council Apex India Green Leaf Award
Slide 65: Redefining Corporate Governance
Redefining Corporate Governance ▪ First cement company in ▪ Appointed one of the ▪ Segregated the family ▪ Use technology to track ▪ Implemented a India to formally Big4 accounting firms, office and the corporate and monitor every organization wide Risk announce a Capital EY, as its Internal office
Slide 66: Governing Polices at Dalmia
Governing Polices at Dalmia Code of Conduct for all members of Board of Determination of Materiality of Events Directors and Senior Management Code of Conduct to regulate, monitor and report Dividend Distribution trading by insider Policy for Preservation of documents Code of Practices and Procedure
Slide 67: CSR at Dalmia
CSR at Dalmia Major Initiatives ▪ In 9MFY23, More than 3800 youth passed out from ▪ Dalmia Institute of Knowledge & Skill Harnessing DIKSHA & ITI centers out of which 90% are gainfully (DIKSHa), a skill training programme, actively employed involved in imparting placement based, short-term ▪ Memoran
Slide 68: Theory of Change Designed to Ensure CSR Initiatives Help Achieve Our Vision & Mission
Theory of Change Designed to Ensure CSR Initiatives Help Achieve Our Vision & Mission Creating Opportunities Activities Expected Outcome Impact Skill training in the farm Farm Schools for Social - Improved quality of life through sector aiming at improving % increase in yield skilling access to basi
Slide 69: CSR Program - Awards & Accolades
CSR Program - Awards & Accolades Our CSR Program has been consistently recognized by several institutional bodies and forums “Platinum Award” won by RGP unit GMF Pinnacle Award Apex India Occupational Health & BCW Unit received Platinum Award for CSR Safety Awards initiatives 2022 Commendation for S
Slide 70: CSR Programs Covered by International Publications
CSR Programs Covered by International Publications Case Study report published Recognition from CII and Case Study published by Harvard by IFC NITI Aayog Business Review The CSR initiatives taken up by DBL CII and NITI Aayog recognized the CSR The initiatives taken up by DBL in soil appeared in the
Slide 71: Our CSR Partners
Ss Our CSR Partners Dalmia . WrP Oy = Schneider Aan QO O) Electric M4 ‘a y ¢ QSL misfste NABARD 2030, WORLD BANK GROUP (a ie water hes DGGE) Gece 2, Bors. eorporstone ent CODISHA SKILL DEVELOPMENT AUTHORITY Qa India Climate ‘ ‘ Ol deat for ms al = CSRBOX ee Oe ic... x y Ga H Nirmaa WaAiide et Action
Slide 72: Appendix
SECTION 06 APPENDIX 71
Slide 73: Key Financials
Key Financials FY16 FY17 FY18 FY19 FY20 FY21 FY22 Cement Capacity - MnT 25.00 25.00 25.00 26.50 26.50 30.75 35.9 Sales Volume - MnT 12.79 15.30 16.96 18.69 19.29 20.70 22.2 Net Sales - Rs Cr 6,411 7,447 8,580 9,484 9,674 10,110 11,286 EBITDA - Rs Cr 1,592 1,894 2,036 1,942 2,106 2,762 2,426 EBITDA M
Slide 74: Adjusted RoCE and RoE
Adjusted RoCE and RoE REPORTED ADJUSTED (in Rs Cr) FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 EBITDA (inclusive Other Income) 2,292 2,186 2,323 2,943 2,581 2,292 2,186 2,323 2,943 2,581 Less : - Depreciation as per books (1,213) (1,296) (1,528) 1,250 1,236 (1,213) (1,296) (1,528) 1,250 1,236
Slide 75: Thank You
CONTACT INFORMATION Thank You Corporate Office: 11th & 12th floor, Hansalaya Building, 15, Barakhamba Road, New Delhi – 110001 e: investorrelations@dalmiabharat.com w: www.dalmiacement.com
Dalmia Bharat — Investor Presentation (February 2023) on 6ix