to INR1.3b (higher than our est. of INR1.2b) due to higher volumes, with margins flat YoY at 11.2%. Tax rate stood at 24.7% v/s -10.7% in the year ago period. Thus, PAT increased 17% YoY to INR433m (v/s est. of INR356m). Management commentary: (1) JKLC sold 9.65lakh tonnes of clinker in FY19. The company plans to reduce the sales of clinker in future. (2)Work on the 20MW Thermal Power plant in Durg and the grinding unit in Odisha of 0.8mt is likely to be commissioned by 2QFY20. (3) Raw material cost for the quarter was higher due to clinker purchase. (4) Prices declined in the Gujarat market in 4QFY19....