JK Lakshmi Q1 Results Review - Mixed Operating Performance; Retain Buy: Axis Securities

Axis Securities Report

JK Lakshmi Cement Ltd. reported a mixed set of results for the period. Revenue and volume decreased by 12% and 8% respectively, falling below expectations.

However, Ebitda and profit after tax exceeded expectations, growing by 10% and 109% YoY, respectively, due to lower costs and increased other income. Ebitda margins improved to 12.8%, up from 10.3% YoY, and slightly above our estimate of 12.4%.

The company reported a profit of Rs 156 crore, marking a 109% increase YoY and a 10% increase QoQ. In the quarter, JK Lakshmi Cement volume was 2.33 million tonnes per annum, reflecting an 8% YoY decrease.

The company's Ebitda per tonne was Rs 793, up 20% YoY. Blended realization per tonne was Rs 6,210, down 4% both QoQ and YoY. Additionally, the cost per tonne decreased by 6% YoY to Rs 5,417.

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