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Motilal Oswal Report
JK Cement Ltd. continues to gain market share, with volumes up 46% YoY in Q4 FY21, led by ~40% capacity expansion.
We expect this to continue over the next four to five years as it is now setting up a greenfield four million tonne per annum plant (commissioning by Q1 FY24) in Central India.
This plant should improve the regional mix to ~85% in North and Central India.
Standalone revenue/Ebitda/adjusted profit after tax increased by 39%/27%/41% YoY in Q4 FY21 to Rs 20.5 billion/Rs 4.4 billion/Rs 2.5 billion (estimate: up 1%/down 5%/down 3%).
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