JK Lakshmi Cement - Q3FY21 First Cut - ICICI Direct
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(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).