JK Lakshmi Cement's Q4FY18 results were marginally below our estimates. The beat at topline level led to lower-than-expected profitability. Revenues increased 11.2% YoY to | 897.0 crore (below I-direct estimate of | 1,021.4 crore) mainly led by 14.1% YoY increase in realisation to | 4,019/t (vs. I-direct estimate of | 4,095/t) while volumes declined 2.5% YoY to 2.2 MT (vs. our estimate of 2.02 MT) EBITDA margin increased 242 bps YoY to 11.3% due to decline in raw material cost (down 14.4% YoY), improvement in power...