Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 performance: JK Lakshmi reported exceptional numbers, with EBITDA coming in at Rs2.76bn, up 3% YoY and 73% ahead of our estimate.</li></ul><div><div><div><div><ul><li>Substantial control in costs: The company has been diligently working on optimizing its cost structure and believes that the same has started bearing fruits.</li></ul><div><div><div><div><ul><li>Capex plans: Udaipur Cement Work Ltd.’s (UCWL) expansion plan worth Rs16.5bn to add 2.5mn mt capacity in Rajasthan (Rs7bn in the first year and Rs9.5bn in the second year) is expected to be commissioned by FY24.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 performance: JK Lakshmi reported exceptional numbers, with EBITDA coming in at Rs2.76bn, up 3% YoY and 73% ahead of our estimate.Substantial control in costs: The company has been diligently working on optimizing its cost structure and believes that the same has started bearing fruits.Capex plans: Udaipur Cement Work Ltd.’s (UCWL) expansion plan worth Rs16.5bn to add 2.5mn mt capacity in Rajasthan (Rs7bn in the first year and Rs9.5bn in the second year) is expected to be commissioned by FY24.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 Ltd.- Exceptional Results; Strong Rerating Candidate