JK Lakshmi Cement (JKLC) has reported a subdued and lower-than-estimated operating performance in 4QFY17 with its EBITDA declining by 16% YoY and 13% QoQ to Rs716mn mainly owing to subdued sequential realization (-4% QoQ). Operating cost/tonne stood at Rs3,210 (+7% YoY and -0.2% QoQ) marginally higher than estimate of Rs3,186. All opex components came in in-line with estimates barring Power & Fuel cost/tonne, which surged by 37% YoY and 17% QoQ to Rs828. EBITDA/tonne came in merely at Rs312 vs. Rs395 & Rs452 in 4QFY16 & 3QFY17, respectively. Sales volume including clinker continued to remain firm and grew by 6% YoY and 25% QoQ to 2.29mnT. Trimming down our EBITDA estimate by 7% and 5% for...