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JK Lakshmi Cement - Q3FY21 First Cut - ICICI Direct
Posted On : 2021-02-01 11:37:29( TIMEZONE : IST )
(CMP: Rs. 318; MCap: Rs. 3,745 crore)
JK Lakshmi's Q3FY21 performance remained above our estimates mainly on account of better than expected sales volume for the quarter. The company managed to sustain its margins despite increase in the costs leading to better than expected overall performance for the quarter.
Q3FY21 Earnings Summary
- The plant utilisation stood at 92% for the quarter led by improved sales volumes. Total sales volume grew by 15.7% YoY to 2.7MT that remained ahead of our expected sales volume of 2.6MT. Realisation also improved 2.6% YoY to Rs. 4,426/tonne (vs I-direct est: Rs. 4,356/t). This led to revenue growth of 18.7% YoY to Rs. 1192.8 crore (vs I-direct est: 1121.3 crore).
- Total production cost per tonne increased 1.4% YoY while realisations were up by 2.6% YoY leading to 97bps YoY expansion in margins. However, on QoQ basis, margins declined by 179bps led by higher freight and other costs. The company reported EBITDA margins of 16.1% (vs I-direct est: 16.1%) and EBITDA per tonne of Rs. 712/tonne (vs I-direct est: Rs. 701/t). Absolute EBITDA came in at Rs. 191.8 crore (up 26.3% YoY) that remained ahead of our estimated EBITDA of Rs. 180.5 crore
- Company reported net profit growth of 108.1% YoY to Rs. 80.6 crore due to higher other income (up 40.6% YoY to Rs. 20.7 crore) and lower interest costs (down 14.3% YoY to Rs. 36.7 crore)
The progress on the Waste Heat Recovery Unit III Project at Sirohi is as per schedule and will be commissioned by Jul-21. Company's subsidiary Udaipur Cement Works is expanding its cement capacity by 2.5MT which is likely to be commissioned in Dec-23E. On completion of this expansion, consolidated capacity of JKLC and UCWL will enhance to 16.4MT. We will come out with a detailed report post the conference call.
Shares of JK LAKSHMI CEMENT LTD. was last trading in BSE at Rs.317.9 as compared to the previous close of Rs. 318.95. The total number of shares traded during the day was 18152 in over 946 trades.
The stock hit an intraday high of Rs. 325.85 and intraday low of 316.5. The net turnover during the day was Rs. 5805653.
