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Prabhudas Lilladher Report
JK Lakshmi Cement Ltd. reported Q4 FY21 Ebitda above our/consensus estimates by 13%/36%.
The beat was driven by better than expected realisations.
Profitability of east operations (30% of its total volumes) improved to Rs 700/tonne in East on back of sharp increase in cement prices.
Street is concerned on the sustainability of margins in East due to flooding of new capacities over next couple of years.
However, we expect momentum to sustain given the low profitability, improved discipline and sustained demand growth.
While, outlook on profitability in North and Gujarat regions remained steady with margins at Rs 1,000/tonne given the limited capacity addition and consistent growth in demand.
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