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Prabhudas Lilladher Report
JK Lakshmi Cement Ltd. reported Q3 FY21 Ebitda in line with our estimates. While, it beat consensus estimates by 15%.
Strong profitability in North and Gujarat region helped to contain the weakness in Eastern region (30% of total volumes).
Tight demand-supply market conditions would help sustain margins in North and Gujarat regions. East region would witness flooding of capacity addition over next couple of years.
However, we do not expect further deterioration in region’s margins due to unsustainable return on equities and industry consolidation.
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