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JK Cement’s Q2FY22 performance remains ahead of estimates

News: JK Cement reported 18.4% YoY growth in the revenues to Rs.1835.5 crore. However, higher cost of production led to 856 YoY contraction in the margins to 17.9% leading to 20% & 22% YoY drop in the EBITDA & PAT respectively.

Views: While margins declined sharply, absolute EBITDA and PAT remained better than our estimates due to healthy growth in the topline. The company managed to improve utilization to 77% despite ongoing monsoon that came in as positive surprise.