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Dolat Capital Report
JK Cement Ltd.’s revenue was in line however, Ebitda margin, Ebitda/tonne and profit after tax was above estimates.
Volumes were in line whereas realization below estimates.
The Company posted muted set of numbers with 27.3%/ 29.1%/ 49.5% YoY degrowth in revenue/ Ebitda/ profit after tax to Rs 9.6 billion/ Rs 2.2 billion/ Rs 777 million in Q1 FY21 due to 5.1% YoY de-growth in blended realization (down1.4% QoQ) coupled with 23.5% YoY decline in blended volume to 1.77 metric tonne.
We expect 10.5%/ 81%/ 0.7% revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY2022E led by 6.6%/ 13.8% blended volume growth and (1.2%)/ 1.7% blended cement realization growth in FY21E/ FY22E.
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