JK Lakshmi Cement cracks 5% after dismal Q4 show

For the fiscal ended March 2023, JK Lakshmi Cement’s net profit was 22.7 per cent down to Rs 369.11 crore.

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Shares of JK Lakshmi Cement dropped 5.02 percent to trade at Rs 741 on May 22 after the company posted a decline of 39 percent to Rs 114.83 crore in consolidated net profit for the quarter ended March.

The firm had posted a profit of Rs 188.36 crore in the January-March period a year ago, JK Lakshmi Cement Ltd said in a regulatory filing post-market hours on May 19.

However, its revenue from operations was 16.4 percent higher at Rs 1,862.07 crore during the quarter under review as against Rs 1,599.83 crore in the year-ago period.

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EBITDA was down 28.34 percent at Rs 232.66 crore, as against Bloomberg’s estimate of Rs 248.13 crore.

EBITDA margin also tumbled to 12.49 percent from 20.29 percent in the year-ago period.

Total expenses were at Rs 1,716.95 crore in Q4FY23, up 16.9 percent, as against Rs 1,468.64 crore.

Its total income in the March quarter was Rs 1,878.76 crore.

“Despite an unabated increase in the fuel cost, the company has been able to record satisfactory performance by improving its various efficiency parameters, better product mix & geo mix and focusing on several green initiatives,” Vice Chairman & Managing Director Vinita Singhania said.

Its sales volume during the quarter was 3.38 million tonnes.

For the fiscal ended March 2023, the firm’s net profit was 22.7 percent down to Rs 369.11 crore. It had reported a net profit of Rs 477.58 crore in the year-ago period.

Its consolidated revenue from operations was Rs 6,451.50 crore in FY23, 19 percent higher than the preceding fiscal.

The board recommended a dividend of Rs 3.75 per equity share of Rs 5 each for the financial year ended March 31, 2023.

Besides, it also approved raising of up to Rs 200 crore from the market through the issuance of green bonds/ Non-Convertible Debentures (NCDs) to part finance the ongoing projects.

Further, the company said: “Considering the government’s focus on infrastructure development & higher budgetary allocation towards infrastructure development and various other initiatives for housing & road development, the outlook for the cement sector is quite positive in the coming year.”

JK Lakshmi Cement shares are down around 7 percent this year to date, though they have climbed 57 percent over the past 1 year.

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