JK Cement stock jumps 6% as net profit surges 58.5% in Q2

Shares of JK Cement soared 5.8 percent in early trade on November 6 as the cement player reported a 58.5 percent spike in net profit for the quarter ended September.

The cement company posted a consolidated profit of Rs 178.1 crore, higher by 58.5 percent from the year-ago period on robust operating performance. Consolidated revenue from operations grew by 23 percent YoY to Rs 2,753 crore compared to the corresponding quarter in the previous fiscal year.

As of 9.25 am, shares of JK Cement are trading at Rs 3,279.95 apiece on the BSE, higher by 4.73 percent from the closing price of the previous session.

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The company’s green power mix for the base year in FY20 was 19 percent, and as of the second quarter of FY24, it had a green power mix of 48 percent, reflecting the cement player’s shift towards clean energy sources. Capacities utilised were 75 percent, and the net sales realised by the cement player for the quarter were Rs 4.985 per ton, with premium products making up 13 percent of total sales.

Shareholding pattern, stock price movement

JK Cements has a market-cap of Rs 25,181.7 crore. Year-to-date, shares of the cement player have given investors returns of 10.12 percent, while the blue-chip index Nifty 50 has risen 6.29 percent during the same time-period.

The promoters holding remained unchanged at 45.8 percent in the quarter ended September. FIIs and DIIs held 14.4 percent and 24.3 percent respectively. Of the DIIs, mutual funds held 23.02 percent, with the number of schemes rising to 31 from 29 on a sequential basis. The public held 15.54 percent of the company’s shares.

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