External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)</li><li>At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25</li><li>We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume decline</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to demand sluggishness (elections impact and heavy rains all around)At the industry level, we estimate demand contracted by 2% YoY in Q2FY25, as against ~4% YoY growth in Q1FY25We estimate the aggregate volumes of our coverage universe will decline 1% YoY in Q2, implying a 14% QoQ volume declineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, which contribute 75% of its revenue.</li><li>The company also holds a significant market presence in Eastern India.</li><li>On a consolidated basis, JKLC's total cement capacity exceeds 16 million tonnes per annum (mtpa)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, which contribute 75% of its revenue.The company also holds a significant market presence in Eastern India.On a consolidated basis, JKLC's total cement capacity exceeds 16 million tonnes per annum (mtpa)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: JK Lakshmi Cement Ltd - 23 SEPTEMBER 2024

<ul><li>Aim to increase total capacity to 30 MTPA by 2030: The company aims to increase its total capacity to 30 MTPA by 2030 and boost its use of green power to 50% by 2025 and 80% by 2030, up from the current 38%.</li><li>During the year, the company completed a capacity expansion of 2.5 MTPA (grinding plant) and 1.5 MTPA (clinker plant) through its subsidiary, UCWL (Udaipur Cement Works Limited).</li><li>Additionally, its 1.35 MTPA Grinding Unit in Surat is progressing well and is scheduled for commissioning in FY25-26</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aim to increase total capacity to 30 MTPA by 2030: The company aims to increase its total capacity to 30 MTPA by 2030 and boost its use of green power to 50% by 2025 and 80% by 2030, up from the current 38%.During the year, the company completed a capacity expansion of 2.5 MTPA (grinding plant) and 1.5 MTPA (clinker plant) through its subsidiary, UCWL (Udaipur Cement Works Limited).Additionally, its 1.35 MTPA Grinding Unit in Surat is progressing well and is scheduled for commissioning in FY25-26Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Lakshmi Cement Ltd - New Capacity Expansion To Drive Growth

<ul><li>JKLC reported a mixed set of results for the period. Revenue and volume decreased by 12% and 8% respectively, falling below expectations.</li><li>However, EBITDA and PAT exceeded expectations, growing by 10% and 109% YoY, respectively, due to lower costs and increased other income.</li><li>EBITDA margins improved to 12.8%, up from 10.3% YoY, and slightly above our estimate of 12.4%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JKLC reported a mixed set of results for the period. Revenue and volume decreased by 12% and 8% respectively, falling below expectations.However, EBITDA and PAT 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%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Lakshmi Cement Limited - Mixed Operating Performance; Retain BUY

<ul><li>Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these months</li><li>The scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoY</li><li>We estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement sales in these monthsThe scorching heat further dented demand during Q1FY25 and the industry demand growth is expected to slow down to low single digit YoYWe estimate the aggregate volumes of our coverage universe will deliver 5% YoY volume growth, implying 8% QoQ volume decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

India

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

Cement (Q2FY25 Results Preview): Demand Contracts and Pricing Slip Further in Q2

Demand fails to pick up in Q2FY25: The slowdown in construction activities during Q1FY25 (general elections, heat waves) continued in Q2FY25 due to...

HDFC Securities

Pick of the Week: JK Lakshmi Cement Ltd - 23 SEPTEMBER 2024

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry, particularly in its key markets of North and West India, which contribute 75%...

Axis Direct

JK Lakshmi Cement Ltd - New Capacity Expansion To Drive Growth

During the year, the company completed a capacity expansion of 2.5 MTPA (grinding plant) and 1.5 MTPA (clinker plant) through its subsidiary, UCWL...

Axis Direct

JK Lakshmi Cement Limited - Mixed Operating Performance; Retain BUY

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

Axis Direct

Cement (Q1FY25 Results Preview): Weak Pricing Continues to Offset Cost Gains

Demand growth slows in Q1FY25: The slowdown in construction activities during the general elections in April and May has adversely impacted cement...

HDFC Securities

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