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Hold JK Lakshmi Cement; target of Rs 505: ICICI Direct

ICICI Direct recommended hold rating on JK Lakshmi Cement with a target price of Rs 505 in its research report dated July 29, 2022.

July 31, 2022 / 01:51 PM IST
 
 
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ICICI Direct's research report on JK Lakshmi Cement


JK Lakshmi mainly caters to North, West & Eastern markets with total capacity of 13.3MT (Incl. subsidiary). It has integrated units at Sirohi, Udaipur (Rajasthan), and Durg (Chhattisgarh) while grinding units are located at Jhajjar (Haryana), Cuttack (Odisha), Kalol and Surat (Gujarat). It also has 117MW power plant (74MW CPP, 33MW WHRS, and 10MW Solar) that fulfils its 75% of total power requirements. The company is now adding 2.5MT cement capacity (1.5MT clinker) through its subsidiary unit UCWL at cost of ~Rs1650 crore. The company intends to take its total cement capacity to 30MT by 2030.



Outlook


We continue to maintain HOLD rating on the stock. We value co. at Rs505 i.e.5.6x FY24E EV/EBITDA.

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JK Lakshmi Cement - 290722 - ic

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first published: Jul 31, 2022 01:51 pm
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