JK Lakshmi Cement today posted nearly 8 fold increase in its standalone net profit to Rs 50.88 crore for the quarter ended September 30, 2012, largely on the back of increase in sales and recovery of some "written off" dues.
The company had reported a net profit of Rs 6.49 crore during the same quarter of the previous fiscal.
The net sales of the company was up 38.41% to Rs 490.16 crore during the quarter against Rs 354.13 crore of the July-September quarter of the FY12, it said in a filing to the BSE.
Besides, its total expenditure increased to Rs 411 crore, while its tax out go and finance costs were Rs 22.64 crore and Rs 22.31 crore, respectively.
The company also reported other income of Rs 15.46 crore. This has been attributed by the company in its filing as "mainly comprises recovery of old dues earlier written off", though not specified further.
During the quarter, the cement maker issued secured debentures of Rs 49.79 crore, carrying a coupon rate of 9% to the erstwhile term lenders of Udiapur Cement Works Ltd (UCWL), it said.
The debentures were issued pursuant to the BIFR (Board for Industrial and Financial Reconstruction) approved scheme of rehabilitation of UCWL, which the company has taken up for implementation.
Shares of the company today closed at Rs 124.75 apiece on the BSE, up 7.87% from the previous close.