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ICICI Securities Report
JK Lakshmi Cement Ltd.'s Q3 FY22 standalone Ebitda of Rs 1.5 billion (down 24% YoY) was broadly in line with our estimate.
Volumes including clinker sales declined 9% YoY (up 6% QoQ) due to transporters' strike in Chhattisgarh and a steep fall in demand in November 2021 in most of its markets.
JK Lakshmi Cement's realisation improved 10% YoY (flat QoQ), primarily led by strong pricing YoY in its core markets of North and West mainly to mitigate cost escalations.
Total cost/tonne increased 14.6% YoY and 3.2% QoQ owing to higher input prices, resulting in Ebitda/tonne declining 16% YoY (15% QoQ) to Rs 595/tonne (our estimate: Rs 622).
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