Cost efficiency to improve further; maintain BUY! During Q3FY21, JK Lakshmi managed to sustain its margins on a YoY basis despite an increase in costs leading to a better-than-expected performance for Q3FY21. Revenue in Q3 grew 18.7% YoY to | 1192.8 crore (vs I-direct estimate: | 1121.3 crore). Plant utilisation was at 92% led by improved sales volumes that were up 15.7% YoY to 2.7 MT (vs. I-direct estimate: 2.6 MT). Realisations were also up 2.6% YoY to | 4,426/tonne (vs. I-direct estimate: | 4,356/t). This led to a margin expansion of 97 bps YoY to 16.1% (in line...