A dismal quarter; gaining market presence key positive JK Lakshmi Cement (JKLC) reported a weak and below than estimated operating performance, as reported operating profit declined by ~25% yoy to Rs667mn (our expectation at Rs701mn). Operating performance was dented by ~6% yoy drop in average realizations at ~Rs3,692/tonne (mainly accounted by higher clinker sales). EBITDA/tonne stood at Rs381 v/s Rs611 seen last year. Sales volume (including clinker of 0.22mnT) growth was impressive as it grew by ~20% yoy and ~6% qoq to 1.75mnT. Subdued operating performance coupled with higher interest outgo and...