JK Lakshmi Cement Q3 Review: Motilal Oswal Maintains 'Buy' On The Stock, Says Cost Savings Drives Margin

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Motilal Oswal Report

JK Lakshmi Cement Ltd.'s Q3 FY25 Ebitda was above our estimate, led by higher volumes (~4% beat) and lower opex/t versuss our estimates.

Consolidated Ebitda declined ~33% YoY to Rs 2.0 billion (~7% beat) and Ebitda/tonne declined ~35% YoY to Rs 666 (estimate: Rs 651, cost benefit partly offset by lower-than-estimated realization).

Operating profit margin contracted 4.3% YoY to ~13%. PAT declined ~57% YoY to Rs 594 million (18% above estimates, led by lower ETR).

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