We continue to like JKLC on the backdrop of the initiatives undertaken to improve operations in Eastern markets by means of WHRS, CPPs, commissioning of conveyor belt. We believe that commissioning of CPP and WHRS is likely to improve Durg plant’s operations. Further, favourable demand scenario in key markets is likely to aid JKLC to register sales volume growth of 12% CAGR over FY17-FY19E. We upgrade our recommendation on the stock to BUY from HOLD with a revised Target Price of Rs500 (9x FY19E EBITDA).
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