BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
J K Cement Ltd. continues to gain market share, with volumes up 71% YoY in Q1 FY22, led by a ~40% capacity expansion.
We expect this to continue over the next four to five years asJK Cement is now setting up a four million tonnes per annum greenfield plant (commissioning by Q1 FY24) in Central India.
This plant should improve the regional mix for North and Central India to ~85%.
Standalone revenue / Ebitda / adjusted profit after tax rose 69%/86%/168% YoY to Rs 16.3 billion/Rs 4.0 billion/Rs 2.1 billion in Q1 FY22, beating our estimate by 4%/21%/27% – driven by higher grey cement realisation (up 1% YoY) at Rs 4,679/tonne (up 6% QoQ) versus our estimate of Rs 4,536/tonne.
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