JK Lakshmi Cement operated at full capacity in Q4 with 101% capacity utilisation led by improved sales volume from both retail & infra segment. Total sales volume grew 17.6% YoY to 2.9 MT. Realisation was also up 5.9% YoY, 3.0% QoQ to | 4,559/tonne (vs. I-direct estimate: | 4,413/t). This led to revenue growth of 24.6% YoY to | 1,322 crore (vs. I-direct estimate: 1,226.2 crore). EBITDA margins came in at 20.3% (vs. I-direct estimate: 14.8%) and EBITDA/tonne of | 924/tonne, ahead of our estimated EBITDA/t of | 653/t despite 4.3% YoY increase in costs. After accounting for impairment loss of...