Any current/future new fundraising through debt or equity?

The company currently has a consolidated gross debt of around INR 2,000 crores, with a net debt-to-EBITDA ratio of about 2x. For organic expansions and acquisitions, the management is comfortable with a net debt threshold not exceeding 3.4x to 3.5x EBITDA. During expansions or acquisitions, the net debt-to-EBITDA ratio may temporarily increase but is expected to normalize once the associated EBITDA from expansions or acquisitions accrues. There was a proposed increase in borrowing limits from INR 4,000 crores to INR 7,000 crores, which was passed with an overwhelming majority, indicating readi

Any current/future capex/capital investment/strategic investment?

JK Lakshmi Cement is undertaking clinker and cement capacity expansions, including a clinkerization line at Udaipur expected by Q3 FY24 and a 2.5 million ton cement capacity by Q2 FY25. Two brownfield projects are planned in Durg and UCWL, each adding 3 million tons. Two greenfield projects are planned at Nagaur and Kutch, also adding 3 million tons each. The roadmap aims to reach 30 million tons capacity by FY29-30 from the current 18 million post-UCWL expansion. The company had considered acquiring a ready facility in Kutch to accelerate growth but did not pursue aggressively after sharehold

Future growth expectations in sales/revenue/volumes?

JK Lakshmi Cement aims to reach 30 million tons capacity by FY29-30 from 18 million tons post UCWL expansion. Growth driven by two brownfield expansions (Durg and UCWL, 3 million tons each) and two greenfield projects (Nagor and Kutch, 3 million tons each). The Udaipur clinker line will be operational by Q3 FY24; cement capacity of 2.5 million tons expected by Q2 FY25. Expansion targets northern, Gujarat, Rajasthan, Madhya Pradesh, and Uttar Pradesh markets. Management expects healthy demand growth post-monsoon, with price hikes in eastern, northern, and western regions. Company is open to ino

Future growth expectations in earnings/operating earnings/profits/EPS?

JK Lakshmi Cement aims to reach a capacity of 30 million tons by FY29-30 through two brownfield projects (3 million tons each) and two greenfield projects (3 million tons each) at Nagor and Kutch. Udaipur clinker expansion line expected to commence by Q3 FY24; corresponding cement capacity of 2.5 million tons expected by end of Q2 FY25. Post-expansion, EBITDA per ton is expected to improve as additional clinker and cement capacity fuel volume growth. Demand outlook is positive with price hikes anticipated in eastern, northern, and western markets, supporting margin recovery. Management expects

JK Lakshmi Cement LtdQ1 FY24Cement & Cement Products

JK Lakshmi Cement Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹461.25P/E: 14.9Market Cap: ₹5.7K CrSector: Cement & Cement Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

JK Lakshmi Cement aims to reach 30 million tons capacity by FY29-30 from 18 million tons post UCWL expansion.
Growth driven by two brownfield expansions (Durg and UCWL, 3 million tons each) and two greenfield projects (Nagor and Kutch, 3 million tons each).
The Udaipur clinker line will be operational by Q3 FY24; cement capacity of 2.5 million tons expected by Q2 FY25.
Expansion targets northern, Gujarat, Rajasthan, Madhya Pradesh, and Uttar Pradesh markets.
Management expects healthy demand growth post-monsoon, with price hikes in eastern, northern, and western regions.
Company is open to inorganic growth if opportunities arise at strategic locations and suitable valuations.
Despite a temporary dip in EBITDA per ton in recent quarters, a bounce-back aligned with industry trends is expected.
Incremental volume growth will come from additional clinker and cement capacities under construction.

Margin guidance

Category 3

JK Lakshmi Cement aims to reach a capacity of 30 million tons by FY29-30 through two brownfield projects (3 million tons each) and two greenfield projects (3 million tons each) at Nagor and Kutch.
Udaipur clinker expansion line expected to commence by Q3 FY24; corresponding cement capacity of 2.5 million tons expected by end of Q2 FY25.
Post-expansion, EBITDA per ton is expected to improve as additional clinker and cement capacity fuel volume growth.
Demand outlook is positive with price hikes anticipated in eastern, northern, and western markets, supporting margin recovery.
Management expects EBITDA and earnings growth from both organic expansions and potential inorganic acquisitions, maintaining net debt-to-EBITDA within 3.5x norm after initial leverage for expansions.
Despite a subdued Q1 due to monsoon/rain impacts, growth is projected from Q2 onward with robust demand and pricing environment supporting future profitability.

See what JK Lakshmi Cement Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company currently has a consolidated gross debt of around INR 2,000 crores, with a net debt-to-EBITDA ratio of about 2x.
For organic expansions and acquisitions, the management is comfortable with a net debt threshold not exceeding 3.4x to 3.5x EBITDA.
During expansions or acquisitions, the net debt-to-EBITDA ratio may temporarily increase but is expected to normalize once the associated EBITDA from expansions or acquisitions accrues.
There was a proposed increase in borrowing limits from INR 4,000 crores to INR 7,000 crores, which was passed with an overwhelming majority, indicating readiness for higher debt if required.
The company is open to inorganic growth if the opportunity is strategic and at the right valuation, potentially requiring additional funding.
Currently, there is no explicit mention of equity fundraising, but the company seeks shareholders' approval for any such future opportunities as needed.

Order book

The provided pages (1-11) of the JK Lakshmi Cement Limited transcript do not mention any details regarding the company's current or expected order book or pending orders. The discussion focuses mainly on expansions, market share, pricing, acquisitions, financial metrics (debt/EBITDA), AGM resolutions, and operational challenges due to monsoon impacts. No specific quantitative or qualitative information on order books or pending orders is disclosed.

See what JK Lakshmi Cement Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

JK Lakshmi Cement is undertaking clinker and cement capacity expansions, including a clinkerization line at Udaipur expected by Q3 FY24 and a 2.5 million ton cement capacity by Q2 FY25.
Two brownfield projects are planned in Durg and UCWL, each adding 3 million tons.
Two greenfield projects are planned at Nagaur and Kutch, also adding 3 million tons each.
The roadmap aims to reach 30 million tons capacity by FY29-30 from the current 18 million post-UCWL expansion.
The company had considered acquiring a ready facility in Kutch to accelerate growth but did not pursue aggressively after shareholder concerns.
JK Lakshmi is also investing in limestone mines in Nagaur, Rajasthan, requiring ongoing land acquisitions.
A 40 MW power sourcing arrangement under the captive route is underway for the Durg plant, requiring 26% equity investment in the third-party power company.
The company maintains a borrowing threshold and capital allocation discipline, keeping net debt to EBITDA typically below 3.5x.

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JK Lakshmi Cement Ltd Q1 FY24 Earnings Call Analysis

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