JK Lakshmi Cement Q4 Review - Realisation Surprises Positively: Motilal Oswal
A construction worker holds a trowel of cement as he lays bricks (Photographer: Simon Dawson/Bloomberg)

JK Lakshmi Cement Q4 Review - Realisation Surprises Positively: Motilal Oswal

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Motilal Oswal Report

JK Lakshmi Cement Ltd.'s revenue/Ebitda/adjusted profit after tax rose 25%/33%/66% YoY in Q4 FY21 to Rs 13.2 billion/Rs 2.7 billion/Rs 1.7 billion (3%/34%/122% above our estimate), led by higher realisation and lower power and fuel costs.

Volumes grew 18% YoY to 2.9 million tonne (in line) and Ebitda/tonne was 36% above our estimate at Rs 922 (up 30% QoQ, up 13% YoY).

We have raised our FY22E/FY23E earnings per share estimate by 23%/22% to factor in accelerated deleveraging, which should drive 15% earnings per share compound annual growth rate over FY21-23E.

Click on the attachment to read the full report:

Motilal Oswal JK Lakshmi Q4FY21 Result Update.pdf


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