India's JK Lakshmi Cement slips after Q1 rev falls on COVID-19 impact

JK Lakshmi Cement

06/08/2020 06:09

** Indian cement manufacturer's shares  JKLC.NS  fall as
much as 4.6% to 284 rupees, their biggest intraday pct loss
since June 12
    ** JKLC on Wednesday posted a 20.8% fall in Q1 rev from
operations to 8.25 bln rupees ($110.30 mln)  urn:newsml:reuters.com:*:nFWN2F71BT
    ** Co says https://bit.ly/2PpE2GO Q1 sales volume fell 18%
y/y as it was "severely impacted" by COVID-19 lockdown
restrictions 
    ** Cost savings and improving product mix helped cut
expenses by 19.8%, resulting in higher Q1 net profit after tax
of 444.2 mln rupees
    ** 19 of 20 analysts covering the stock have a "buy" or
higher rating, while 1 rates it at "strong sell"; median PT is
305 rupees - Refinitiv data
    ** Up to Wednesday's close, stock rose 6.4% YTD


($1 = 74.7970 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))