India's JK Lakshmi Cement falls on Q4 profit drop

JK Lakshmi Cement

22/05/2023 05:40

** Shares of JK Lakshmi Cement Ltd  JKLC.NS  fall as much as
5.65% to 737.20 rupees after co reported a Q4 profit drop 
    ** Co said on Friday its consolidated net profit dropped
~40% YoY, while rev from ops rose 16.4% YoY
    ** Co's total expenses were up 25.5%, led by higher power
and fuel costs
    ** Brokerage Motilal Oswal says JKLC's 4QFY23 EBITDA was
below their estimates, due to "lower-than estimated realization"
    ** Has "buy" rating on stock and will review its assumptions
after concall scheduled for Monday 
    ** Share price below 50-day and 100-day simple moving
averages, but above 200-day SMAs
    ** More than 123,000 shares change hands vs 30-day avg of
174,810 shares
    ** Avg rating of 15 analysts equivalent to "buy" median PT
is 842 rupees - Refinitiv data
    ** Including session's losses, stock down ~8.8% YTD




 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))