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ICICI Securities Report
JK Cement Ltd.'s Q4 FY21 standalone adjusted Ebitda at Rs 4.8 billion (up 38% YoY), was broadly in line with consensus estimates.
Grey cement volumes including clinker sales showed strong growth at 48% YoY and 23% QoQ implying two-year compound annual growth rate of 18%.
However, grey cement realisation declined 1.6% QoQ and, with increasing share of grey cement volumes, blended Ebitda/tonne fell 5% YoY and 13% QoQ to Rs 1,228/tonne.
Ground-breaking ceremony for four million tonne greenfield expansion (capex: Rs 30 billion) at Panna was held on May 05, 2021, and the project is expected to be operational by H1 FY24.
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