JK Lakshmi Cement's Profit Jumps to 93.94% in Q3 FY24 With 9% Rise in Shares

One of the torchbearers of the construction material industry JK Lakshmi Cement has jumped with a record growth of 93.94 per cent its net consolidated profit during the quarter ended December 30, 2023. Their quarterly net profit rose up to Rs. 124.06 crore in December 2023 up 68.58% from Rs. 73.59 crore in December 2022. Total revenue for the quarter stood at Rs.1,589 crore, an increase of 7% from Rs.1,489 crore.  JK Lakshmi Cement EPS has increased to Rs. 10.54 in December 2023 from Rs. 6.25 in December 2022.

Mentioning about this huge success, The Vice Chairman & Managing Director of the Company, Smt. Vinita Singhania commented, “The Profitability of the Company improved on account of Higher Volume, Better Product & Sales Mix and Reduction in Fuel Cost.”

The company has announced an interim dividend of Rs. 2 per share with the face value of Rs. 5 per share. The company selected February 21, 2024 as a record date for the interim dividend for the financial year 2023-24.

The company mentioned in the BSE filing, “the said Interim Dividend shall be paid / dispatched within 3 – 4 weeks of the aforesaid Board Meeting, to those Members whose names appear on the Register of Members of the Company or in the records of the Depositories as Beneficial Owners of the Shares, as on Wednesday, 21st February 2024, which is the Record Date fixed for this purpose.”

The company has tied up under the Captive Route, sourcing 40 MW of solar power for its integrated cement plant at Durg in Chhattisgarh. With this sourcing, the share of renewable power at Durg Cement Plant has increased from 36% to 80% since October 2023.

In an official statement, the company said, it is expanding the clinker capacity at its integrated cement plant at Durg in Chhattisgarh by putting up an additional clinker line of 2.3 million tonnes per annum and four cement grinding units aggregating to 4.6 million tonnes per annum at Durg in Chhattisgarh, and three split-location cement grinding units with an aggregate cement grinding capacity of 3.4 million tonnes per annum at Prayagraj in Uttar Pradesh, Madhubani in Bihar, and Patratu in Jharkhand, according to the company's Q3 earnings filing.

The manufacturer and supplier of cement JK Lakshmi Cement told that, the project is likely to cost Rs.2500 crore and is proposed to be funded through term loans from banks of Rs.1750 crore and balances through internal accruals. The company is setting up a railway siding at its Durg Cement Plant for Rs.325 crore to be funded through a debt of Rs.225 crore & Balance from internal accruals.

A company subsidiary Udaipur Cement Works (UCWL) had commissioned its second clinker line of 1.50 million tonnes per annum in October 2023. By the end of the current quarter, the company is expected to commission a grounding capacity of 2.5 million tonnes per annum.