ICICI Securities Ltd | Retail Equity Research JK Lakshmi Cement's Q1FY19 results were below our estimates. Revenues increased 2.5% YoY to | 923.4 crore (below I-direct estimate of | 954.1 crore) mainly led by 1.7% YoY increase in realisation to | 4,038/t (vs. I-direct estimate of | 3,994/t) and 0.7% YoY increase in volumes to 2.3 MT (vs. I-direct estimate of 2.4 MT) EBITDA margin declined 319 bps YoY to 10.2% due to higher power & fuel (up 12% YoY) and freight costs (up 14.8% YoY). EBITDA/t...