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Dolat Capital Report
JK Cement Ltd.'s reported revenue and volume in-line, realisation marginally above estimate however Ebitda/tonne and adjusted profit after tax below estimates.
JK Cement posted muted set of numbers with 18.4%/ down 19.9%/ down 24.5% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 18.4 billion/ Rs 3.3 billion/ Rs 1.7 billion in Q2 FY22 led by 18.5% YoY growth in blended volume which was partially offset by fall in blended realisation by down 0.1% YoY (up 1.9% QoQ).
We expect 15.8%/ 14.5%/ 15.7% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY21-24E led by 14.8%/ 12.7%/ 15.1% blended volume growth and 3.3%/ 0.9%/ 0.0% blended cement realisation growth in FY22E/ FY23E/ FY24E.
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