ICICI Securities: JK Lakshmi Cement Logs Strong Operating Show, Valuation Looks Attractive
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ICICI Securities Report
JK Lakshmi Cement Ltd.’s Q2 FY21 standalone Ebitda at Rs 1.9 billion (up 26% YoY) was significantly better than our/consensus estimates owing to higher than expected realisation and volumes.
Blended realisation increased 1% QoQ (declined 3.5% YoY), while volumes were up 16% YoY.
Consolidated net debt reduced by Rs 3 billion to Rs 12 billion as at September 2020-end aided by Rs 1 billion working capital release post capex of Rs 0.5 billion in H1 FY21.
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