Subdued cashflow and return ratios outlook intact; SELL JK Lakshmi Cement (JKLC) delivered 25%/14%/13% standalone revenue/EBITDA/PAT growth in Q3FY18. Ramp-up in east buoyed volume growth to 15% YoY. However, high energy and freight cost inflation amid lack of operating leverage gains offset realisation benefits, leading to subdued EBITDA of Rs447/MT. We maintain our anticonsensus SELL on the stock with a revised TP of Rs340, as we see (1) volume growth tapering off to 2% CAGR during FY19/20, (2) subdued operating cashflow to mute...