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Motilal Oswal Report
JK Lakshmi Cement Ltd.’s Q2 FY22 result was in line with our estimates, despite a miss on volumes due to the transporters strike in Chhattisgarh, but was offset by higher other operating income (ready mix concrete and autoclaved aerated concrete sales).
Volumes fell 3% YoY to 2.32 million tonne, while cost inflation led to a 3.3% YoY dip in Ebitda margin.
Given the reasonable valuation (7.3 times FY23E enterprise /Ebitda) and growth visibility from the announced 2.5 million tonnes per annum expansion (with a budgeted capex of Rs 16 billion) in the North India through its subsidiary Udaipur Cement Works Ltd., we maintain our optimism as well as our FY22E/FY23E/FY24E estimate for JK Lakshmi Cement.
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