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Motilal Oswal Report
JK Cement Ltd. was impacted by higher costs (opex/tonne rose 10% YoY, 4% higher than our estimate), which led to margin pressure (operating profit margin decline of 7.1% YoY and 5.1% QoQ).
Standalone revenue/adjusted Ebitda/adjusted profit after tax stood at Rs 18.4 billion/ Rs 3.6 billion/Rs 1.9 billion (up 18%/down 14%/down 13% YoY and up 5%/down 5%/nil versus our estimate).
We have adjusted Ebitda and profit for an impairment expense of Rs 260 million related to the Nimbahera Line III kiln.
Grey cement sales volume was up 20% YoY as JK Cement benefitted from capacity expansion. We keep our estimates broadly unchanged for FY22-24E.
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