JK Lakshmi Cement reported strong growth in revenues and profitability in Q2FY20. However, while revenues beat our estimates, profitability during the quarter was below our forecasts due to higher production costs. The company reported 10% revenue growth to | 935.5 crore (above I-direct estimate of | 877.4 crore). Volumes remained in line with I-direct estimates at 2.06 MT, declining 3% YoY. Topline growth was driven entirely by 13.4% growth in realisations to | 4,540/t (I-direct estimates of | 4,280/t). EBITDA/t increased ~68% YoY to | 722/t while EBITDA margins expanded 513 bps...