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Motilal Oswal Report
JK Cement Ltd. is increasing its grey cement capacity by 27% to 18.7 million tonnes per annum by FY23-end, driving a compound annual growth rate of 11% in grey cement volume over FY22-25E.
JK Cement further intends to increase its grey cement capacity to 25 mtpa by FY25E.
Over FY22-25E, we expect a 12% Ebitda CAGR (~13% CAGR in grey cement and ~10% CAGR in white cement).
Improvement in grey cement profitability will be driven by cost-saving initiatives (increasing blended cement share, renewable energy, and alternative fuel) and improvement in realisation with increasing exposure in North and Central India.
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