JK Lakshmi Cement (JKLC) reported a weak and below than estimated operating performance as operating profit declined by ~55% yoy to Rs507mn as against our expectation of Rs638mn. Weak operating performance was bruised by ~14% yoy drop in average realizations at ~Rs3,569/tonne (our assumption was Rs3,615/ tonne). EBITDA/tonne stood at Rs306 v/s Rs786 seen last year. Operating cost/ tonne has been under control as it declined by ~3% yoy. Sales volume (including clinker) growth has been impressive as it grew by ~15% yoy and ~7% qoq to 1.66mnT. Subdued operating performance coupled with higher interest outgo and...