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Dolat Capital Report
JK Lakshmi Cement Ltd. reported results above estimates on all fronts.
The reported revenue, Ebitda, adjusted profit after tax and Ebitda/tonne are historically highest quarterly numbers.
The company posted 24.6%/32.6%/69.4% YoY growth in revenue/Ebitda/ adjusted profit after tax to Rs 13.2 billion/Rs 2.7 billion/Rs 1.7 billion in Q4 FY21 led by 17.8% YoY growth in volumes coupled with rise in realisation by 5.7% YoY (up 2.9% QoQ).
We expect 6.8%/3.3%/down 0.1% revenue/Ebitda/adjusted profit after tax compound annual growth rate over FY21- 23E led by 6.5%/5.0% volume growth and 1.0%/ 1.0% cement realisation growth in FY22E/FY23E.
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