JK Lakshmi Cement reported a mixed set of Q2FY18 numbers. While revenues were above our estimates, margins and PAT remained below our expectations. Revenues increased 18.5% YoY to | 776.7 crore (below I-direct estimate of | 719.4 crore) led by 10% YoY increase in volume to 1.9 MT (vs. I-direct estimate of 1.9 MT) mainly due to healthy demand in the company's key markets. Realisation increased 7.7% YoY at | 4,110/t (vs. I-direct estimate of | 3,868/t) EBITDA/tonne fell 7.4% YoY to | 505/tonne (vs I-direct estimate of |...