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HDFC Securities Report
In Q1 FY21, JK Cement Ltd.'s standalone net sales/Ebitda/adjusted profit after tax fell 27/29/50% YoY.
While sharp white/putty volume loss pulled down revenue, Ebitda decline got contained on healthy pricing across markets, healthy discretionary cost controls, and lower fuel prices.
Adjusted profit after tax fall accelerated on higher capital charges.
Volume momentum has improved across both business segments in Q2, boosting earnings outlook.
Company's expansions updates: In October 2020, JK Cement's 0.3 million metric tonne putty expansion in Katni will become operational.
By December 2020, its pending 0.7 million metric tonne split grinding unit (SGU) in Gujarat and waste heat recovery systems (WHRS) in Rajasthan will get commissioned.
The clinker line-three expansion is expected in Q2 FY22E. The company is also investing in land and mining rights for Panna expansion.
However, JK Cement is yet to finalise its FY22 capex spends (towards Panna) amid Covid-19 uncertainties.
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