JK Lakshmi Cement shares were down by 4.73 percent on Friday after it reported a 29 percent decline YoY (year-on-year) in net profit for the recently ended June quarter.
The company on July 27 reported a net profit of Rs 78.5 crore for Q1FY24, down from Rs 111 crore reported in Q1FY23. Sequentially as well, the net profit was down by 31.7 percent from Rs 115 crore reported in the March quarter.
At 11.45 am, JK Lakshmi Cement stock was quoting at Rs 637.30, down 4.73 percent or Rs 31.65.
The financials
In the quarter under review, the company reported a 4.6 percent YoY increase in its revenue from operations at Rs 1,730.3 crore. Meanwhile, it declined by 7 percent sequentially.
EBITDA (earnings-before-interest-taxes-depreciation and ammortisation) for Q1FY24 took the worst hit declining by 53.9 percent YoY at Rs 196.3 crore, as compared to Rs 425.9 crore in Q1FY23.
Margins for the June quarter declined by 1,450 basis points to 11.3 percent as compared to 25.8 percent reported in the corresponding quarter of the previous fiscal.
JK Lakshmi Cement, a subsidiary of the larger tyre-to-paper manufacturing JK Group, is engaged in the production of cement and allied building products. The company has an installed production capacity of 13.3 million tonne per annum and operates out of 6 production units based in India.
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