J K Cements - 3QFY13 Results - Nirmal Bang

- Result is ahead of expectations

- Net sales has increased by 11% to Rs 6.9bn (in line with our estimates) primarily driven by increase in blended realisation by 3% YoY and sales volume growth of 8% YoY.

- EBITDA has increased by 10% to Rs 1.34bn (13.5% higher than our estimate) driven by lower cost inflation than expectation.

- Consequently, net profit has increased by 25% to Rs 544mn ( 17% higher than our estimate).

- We have a BUY rating on the stock with target price of Rs 480

Source : Equity Bulls

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