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Dolat Capital Report
JK Lakshmi Cement Ltd. reported mix set of result. Revenue, adjusted profit after tax and volumes were above estimates however, Ebitda/tonne below estimates.
JK Lakshmi posted 20.8%/ 15.6%/ 36.2% YoY de-growth in revenue/ Ebitda/ adjusted profit after tax to Rs 8.3 billion/ Rs 1.4 billion/ Rs 444 million in Q1 FY21 due to 18.0% YoY degrowth in volumes coupled with decline in realization by 3.4% YoY (up 0.3% QoQ).
We expect 1.7%/ 2.2%/ (1.0%) revenue/ Ebitda/ adjusted profit after tax compound annual growth rate over FY20-22E led by (8.3%)/ 11.2% volume growth and (0.5%)/ 2.0% cement realization growth in FY21E/ FY22E.
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