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.
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