Three Directors at JK Lakshmi Cement sold/bought 108,000 shares at between 692.107INR and 728.370INR. The significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's direc...
JKLC's EBITDA at INR2.2b was in line with our estimate as higher operating cost (13% beat) was offset by better realization (11% beat). Improvement in realization was also supported by change in accounting for inter-company transaction (clinker to cement conversion for UCWL is accounted only on conversion charges v/s addition to total sales volume earlier). Profit was at INR1b v/s estimated INR1.2b. The company has hired a grinding unit (capacity of 1.5mtpa) in Uttar Pradesh and targets an ad...
J K LAKSHMI CEMENT (IN), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date January 11, 2022, the closing price was INR 597.15 and its pote...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
J K LAKSHMI CEMENT: Cost inflation impacting margin (JKLC IN, Mkt Cap USD1.1b, CMP INR692, TP INR800, 16% Upside, Buy) Volume declined by only 8% QoQ to 2.66mt in 1QFY22 on account of higher clinker sales, which led to EBITDA growth of 51% YoY to INR2.2b, despite a miss on realization and margin. Cost inflation is a significant worry for JKLC as the cost of coal and diesel has moved up sharply, while prices are expected to fall seasonally in the near term. Given the reasonable valuation ...
J K LAKSHMI CEMENT: Beat led by realizations(JKLC IN, Mkt Cap USD0.5b, CMP INR307, TP INR425, 38% Upside, Buy) ** Volumes in line; realizations surprise: Total sales declined 3% YoY to 2.06mt in 2QFY20. While cement sales were up 3% YoY to 1.92mt, clinker sales declined 49% YoY to 0.13mt. Realizations increased 13% YoY to INR4,541/t (our estimate: INR4,292). Revenue grew 10% YoY to INR9.4b (our estimate: INR8.8b). EBITDA/t increased 68% YoY to INR722 (our estimate: INR521) due to higher realiza...
J K LAKSHMI CEMENT: Healthy realizations drive margins (JKLC IN, Mkt Cap USD0.5b, CMP INR330, TP INR410, 24% Upside, Buy) Volumes increase a meager 2% YoY while realizations grow 11%YoY: 1QFY20 total volumes (cement+ clinker) increased 2% YoY to 2.33mt. While cement sales were up 11% YoY, clinker sales declined 60% YoY. Realizations grew 11% to INR4,472/t. Revenue was up 13% YoY to INR10.4b (est. INR8.8b). EBITDA/t increased 78%YoY to INR729/t (est. INR512/t) due to higher realization. EB...
J K Lakshmi Cement: Volume beat; deleveraging continues (JKLC IN, Mkt Cap USD0.6b, CMP INR378, TP INR435, 15% Upside, Buy) Volumes healthy but realizations suffer: Volumes increased 32% YoY to 2.94mt, with realizations at INR3,983/t (-1% YoY). Revenue grew 31% YoY to INR11.7b (our est. INR9.8b). EBITDA driven by higher volumes: EBITDA/t declined 2% YoY to INR446/t (our est. INR520/t) due to lower realization. However, EBITDA increased 30% YoY to INR1.3b (higher than our est. of INR1.2b) ...
J K Lakshmi Cement: Beat on volume/revenue, but cost pressures evident (JKLC IN, Mkt Cap USD0.5b, CMP INR304, TP INR386, 27% Upside, Buy) Volumes/revenues exceed estimate: Volumes increased 9% YoY (+8% QoQ) to 2.31mt (our estimate: 2.13mt). Realizations of INR4,056/t (+2% YoY, +1% QoQ) were in line with our estimate. Revenue grew 12% YoY to INR9.35b (our estimate: INR8.6b). Margins impacted by cost push: Cost/t rose 3% YoY (+2% QoQ) to INR3,630 (our estimate: INR3,568) due to higher RM c...
J K Lakshmi Cement: Volumes disappointment due to lower clinker sales (JKLC IN, Mkt Cap USD0.6b, CMP INR330, TP INR384, 16% Upside, Buy) Weakness in north impacts volumes: Volumes stood at 2.29mt (+0% YoY, +3% QoQ), below our estimate of 2.33mt due to lower clinker sales in north markets. Realizations were at INR4,032/t (+2.3% YoY, flat QoQ) v/s our estimate of INR4,072, as healthy pricing in east was offset by lower realizations in north. Revenue grew 2.5% YoY (+3% QoQ) to INR9.23b (est....
J K Lakshmi Cement: Volumes impacted in north; favorable market mix keeps us positive (jklc IN, Mkt Cap USD0.7b, CMP INR380, TP INR451, 19% Upside, Buy) Weaker realizations in focus markets: JK Lakshmi Cement’s (JKLC) volumes stood at 2.23mt (-2% YoY, +6% QoQ), below our estimate of 2.24mt, due to lower volumes in north markets on account of the sand mining ban. Realizations were at INR4,022/t (+14%YoY, +1.3% QoQ) v/s our estimate of INR4,037, as healthy pricing in Gujarat was offset by l...
(JKLC IN, Mkt Cap USD0.7b, CMP INR407, TP INR470, 16% Upside, Buy) Weaker realizations in focus markets: JKLC’s volume grew 15% YoY (+12% QoQ) to 2.11mt v/s our estimate of 2.02mt, led by ramp-up of new capacity in east. Realizations rose 9% YoY (-3.4% QoQ) to INR3,969/t, lower than our estimate of INR4,259/t, due to weaker pricing in focus regions. Revenue grew 25% YoY (+8% QoQ) to INR8.4b (est. of INR 8.6b). EBITDA grew 14% YoY (-1% QoQ) to INR943m v/s estimate of INR1.2b (margin: 11.3%,...
​J K Lakshmi Cement: EBITDA beat led by higher-than-estimated realization(JKLC IN, Mkt Cap USD0.8b, CMP INR439, TP INR512, 16% Upside, Buy)Healthy realization in Gujarat market: JKLC’s volume increased 10% YoY (-17% QoQ) to 1.89mt (est. of 1.92mt), as capacity expansion led to strong volume growth in east. Realization rose 8% YoY (+4% QoQ) to INR4,109 (est. of INR3,814), led by healthy pricing in Gujarat markets and supported by a change in commercial terms. Revenue grew 18% YoY (-14% QoQ) t...
​J K Lakshmi Cement: EBITDA disappointment led by cost push(JKLC IN, Mkt Cap USD0.8b, CMP INR449, TP INR519, 15% Upside, Buy)Strong realizations in core markets: JKLC's volumes rose 8% YoY (flat QoQ) to 2.29mt (in-line) due to ramp-up in its east operations, where volumes rose 24% YoY. Realizations grew 7% YoY (+12% QoQ) to INR3,943 (est. of INR3,831) due to strong pricing in its focus markets of Gujarat. EBITDA rose 2% YoY (+68% QoQ) to INR1.2b (est. of INR1.29b; margin: 13.4%, -1.7pp YoY, +4...
​J K Lakshmi Cement: EBITDA disappointment led by lower realizations(jKlC IN, Mkt Cap USD0.9b, CMP INR478, TP INR550, 15% Upside, BUY)Weak realizations in core markets: Volumes rose 6% YoY (+24.1% QoQ) to 2.28mt (est. of 2.27mt) due to ramp-up in its east operations. Realizations fell 3% QoQ (+3.5% YoY) to INR3,531 (est. of INR3,698) on weak pricing in its focus markets (such as Gujarat and east). EBITDA fell 16% YoY (-13% QoQ) to INR0.716b (margin: 8.9%; -2.7pp YoY, -3.5pp QoQ) v/s est. of IN...
ANNUAL REPORT THREADBARE (ART) | J K LAKSHMI CEMENT: Weak performance dents ROEJKLC’s FY16 annual report highlights a weak operating performance, with EBITDA declining 23% to INR2.7b (FY15: INR3.5b) on the back of an 8% cut in realizations to INR3.6k/tonne, but volumes growing 23% to 7.3 MMT. Rising finance cost and depreciation post capitalization of the Durg plant led to a pre-tax loss of INR0.4b (FY15 PBT: INR1.1b). However, the company recognized DTA worth INR0.5b on unabsorbed depreciatio...
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