Sharekhan's research report on JK Lakshmi Cement
JKL reported better-than-expected standalone revenues while EBITDA/tonne stayed in-line. Net earnings lagged estimates. Change in reporting of clinker purchase from UCW led to optically lower volumes and higher realisations & costs. The company witnessed change at the helm with the appointment of Mr. Arun Kumar Jain as CEO and retiring of couple of directors w.e.f. August 1, 2022. UCW expansion at Rs. 1650 crore capex remain on track for FY2024 end commissioning. Target to achieve 30mtpa capacity by 2030 through brownfield and greenfield expansions.
We retain our Buy rating on JK Lakshmi Cement with a revised PT of Rs. 560 led by downward revision in estimates and considering favourable valuation.
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