JK Lakshmi Cement lost 3.26% to Rs 68.25 at 11:14 IST on BSE after net profit fell 79.75% to Rs 10.30 crore on 8.65% decline in total income from operations to Rs 448.87 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced after market hours on Monday, 21 October 2013.
Meanwhile, the S&P BSE Sensex was up 21.52 points or 0.1% at 20,915.41.
On BSE, 47,000 shares were traded in the counter as against average daily volume of 58,000 shares in the past two weeks.
The stock hit a high of Rs 68.70 and a low of Rs 66.95 so far during the day.
JK Lakshmi Cement said that the profitability was adversely affected by the steep fall in prices coupled with increase in the freight costs. The fall in cement demand, especially from the infrastructure and the realty sector is a cause of concern, it added. Despite reduction in its cost by improvement in all-round efficiencies, company's profit before interest, depreciation and taxation (PBIDT) declined 11.46% to Rs 64.84 crore in Q2 September 2013 over Q2 September 2012. Cash profit for the quarter stood at Rs 45.66 crore.
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JK Lakshmi Cement said it has reported satisfactory progress on all of its ongoing projects, including the Greenfield project at Durg, expansion of grinding capacity at Jhajjar, Haryana, augmentation of Kiln I at Jaykaypuram and Solar project in Rajasthan. On completion of all these projects, the company would be able to enhance its capacity to more than double to 11.30 million tonne by end of the next financial year from the present capacity of 5.7 million tonne, Jk Lakshmi Cement said in a statement.
JK Lakshmi Cement manufactures cement, which it sells under the brand name JK Lakshmi.
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