Buy JK Lakshmi Cement ; target of Rs 560: Sharekhan

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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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.

Outlook

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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JK Lakshmi Cement - 290722 - khan