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Dolat Capital Report
JK Lakshmi Cement Ltd. reported revenue in line, however realisation, Ebitda, Ebitda/tonne and adjusted profit after tax above estimates whereas volume below estimates.
JK Lakshmi Cement on consolidated basis posted up 13.6% YoY growth in revenue to Rs 13.7 billion led by up 10.9% YoY in realisation/tonne to Rs 5,431 (down 0.4% QoQ) coupled with up 2.4% YoY in volume to 2.53 million tonne (down 16.6% QoQ).
Ebitda/adjusted profit after tax reported down 15.5%/ down 27.6% YoY to Rs 1.6 billion/ Rs 610 million.
We expect 12.2%/ 12.8%/ 18.0% revenue/ Ebitda/adjusted profit after tax compound annual growth rate over FY22-25E led by 6.1%/ 6.5%/ 10.7% volume growth and 13.0%/ 0.0%/ 0.0% cement realisation growth in FY23E/ FY24E/ FY25E on consolidated basis.
We broadly maintain revenue estimates for FY23E but significantly increase Ebitda/ adjusted profit after tax by 26.1%/ 55.4% for FY23E factoring H1 FY23. However, we broadly maintain FY24E estimates and introduce FY25E.
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