Buy JK Lakshmi Cement: Target Of Rs 372: Sharekhan
Sharekhan is bullish on JK Lakshmi Cement recommended buy rating on the stock with a target price of Rs 372 in its research report dated November 04, 2020.
Nov 11, 2020 / 11:36 AM IST
Sharekhan's research repor on JK Lakshmi Cement
JKL reported strong outperformance for Q2FY2021 led by higher-than-expected volume offtake along with lower opex/tone. EBITDA/tone rise 8.5% to Rs. 783 which was higher than estimate. Generated strong operated cash flows and cash balance during H1. Standalone and consolidated net debt/equity reduces during H1. The company has announced an 1.5mtpa additional clinker unit with WHRS and 2.5mtpa grinding unit at Udaipur at a capex of Rs. 1400 crores (~75USD/tone), to ease its clinker and capacity constraints.
We retain a Buy rating on JK Lakshmi Cement with an unchanged PT of Rs. 372 given its attractive valuation and healthy net earnings CAGR over FY2021E-FY2023E.
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