JK Cement slumps 5 percent on 30% drop in Q1 net profit, margin contraction

In its results for Q1FY24 announced on August 12, the company reported a 21.6 percent YoY increase in its revenue from operations at Rs 2,762.6 crore

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JK Cement shares were down 5 percent in the morning trade on August 14 after the company reported a 29.5 percent year-on-year (YoY) decline in the consolidated net profit for the June quarter at Rs 114.7 crore.

At 12.45 pm, JK Cement stock was quoting at Rs 3,136.30, down 3.56 percent or Rs 115.80.

In year-to-date terms, the stock has grown 6.11 percent and has been witnessing consolidation since May 31. The stock has a trailing PE of 63.45x, the highest among its cement-making peers.

In its results for Q1FY24 announced on August 12, the company reported a 21.6 percent YoY increase in its revenue from operations at Rs 2,762.6 crore. Earnings before interest taxes depreciation and ammortisation (EBITDA) for the quarter were up merely 0.3 percent at Rs 407.8 crore. Meanwhile, the EBITDA margins for the quarter under review contracted by 310 basis points to 14.8 percent.

JK Cement is engaged in cement manufacturing, with a primary focus on producing grey and white cement variants. Apart from this, it also manufactures other products such as gypsum plaster, tile adhesives, wall putty and wood finishes. The company operates 10 production facilities in India and one in Fujairah, United Arab Emirates.

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