 "JK Lakshmi Cement gains 8% on three-fold jump in Q1 profit")
JK Lakshmi Cement has rallied 8% to Rs 239 on NSE after reporting a nearly three-fold rise in first quarter net profit at Rs 40.46 crore on higher sales and better margins. The company had profit of Rs 15.70 crore in the corresponding quarter of last fiscal.
Turnover of the company grew 31% to Rs 669 crore during the April-June 2014 quarter (Q1) as against Rs 511 crore in the same quarter last fiscal.
"This increase has been backed by a growth of 14% and 18% in production and sales volume, respectively," the company said.
EBITDA or operating margins improved about 300 basis points to 17% from 14%.
Turnover of the company grew 31% to Rs 669 crore during the April-June 2014 quarter (Q1) as against Rs 511 crore in the same quarter last fiscal.
"This increase has been backed by a growth of 14% and 18% in production and sales volume, respectively," the company said.
EBITDA or operating margins improved about 300 basis points to 17% from 14%.
The company said its Greenfield project at Durg in Chhattisgarh is making satisfactory progress. The 27 lac mtpa plant is expected to be commissioned next quarter October-December 2014, it added.
The stock opened at Rs 231 and touched a high of Rs 240 on NSE. A combined around 370,000 shares changed hands on the counter in early morning deals on NSE and BSE.