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Feb 6 (Reuters) - India's JK Lakshmi Cement (JKLC.NS), opens new tab reported a 52% drop in third-quarter profit on Thursday, hurt by a drop in prices of the construction material.
The company's standalone net profit after tax fell to 596.4 million rupees ($6.8 million) in the quarter from 1.24 billion rupees a year ago.
Revenue from operations fell 13.4% to 13.73 billion rupees.
For further earnings highlights, click
KEY CONTEXT
Cement prices have been falling for most of last year, including a 11% on-year drop in the last quarter, which is also a seasonally weak one as the pace of construction activity slackens.
Cement makers so far have reported a mixed set of earnings. Market leader UltraTech (ULTC.NS), opens new tab and its closest rivals, the Adani group-owned Ambuja (ABUJ.NS), opens new tab and ACC (ACC.NS), opens new tab, have benefitted as their acquisition spree helped bolster volumes.
However, smaller companies such as Shree Cement (SHCM.NS), opens new tab and Dalmia Bharat (DALB.NS), opens new tab succumbed to low prices.
PEER COMPARISON (WITH OTHER CEMENT MAKERS IN KEY NORTH, EAST REGIONS)
Valuation (next 12 months)
Estimates (next 12 months)
Analysts' sentiment
RIC
PE
EV/EBITDA
Revenue growth (%)
Profit growth (%)
Mean rating*
No. of analysts
Stock to price target**
Div yield (%)
JK Lakshmi Cement
23.99
10.09
12.67
42.45
Buy
11
0.92
0.83
Shree Cement
57.36
20.64
13.11
39.16
Hold
18
1.04
0.37
Dalmia Bharat
36.30
11.84
8.83
41.50
Hold
28
0.99
0.48
Nuvoco Vistas Corporation
54.07
9.95
7.68
1477.99
Hold
16
0.95
-
* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
OCTOBER-DECEMBER STOCK PERFORMANCE
-- All data from LSEG -- $1 = 87.5510 Indian rupees

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Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza

Our Standards: The Thomson Reuters Trust Principles., opens new tab


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