JK Lakshmi Cement jumped 7.46% to Rs 237 at 11:13 IST on BSE after net profit surged 157.7% to Rs 40.46 crore on 31.1% rise in total income to Rs 602.92 crore in Q1 June 2014 over Q1 June 2013.
The Q1 result was announced after market hours Friday, 25 July 2014.
Meanwhile, the S&P BSE Sensex was down 121.90 points or 0.47% at 26,004.85
On BSE, so far 1.19 lakh shares were traded in the counter as against average daily volume of 68,908 shares in the past one quarter.
The stock hit a high of Rs 246.50 and a low of Rs 227.80 so far during the day. The stock hit a 52-week high of Rs 248.20 on 18 June 2014. The stock hit a 52-week low of Rs 49.05 on 7 August 2013.
The stock had outperformed the market over the past one month till 25 July 2014, rising 6.57% compared with 3.21% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 88.58% as against Sensex's 15.16% rise.
The small-cap company has equity capital of Rs 58.83 crore. Face value per share is Rs 5.
JK Lakshmi Cement reported 31% rise in turnover to Rs 668.94 crore in Q1 June 2014 over Q1 June 2013. JK Lakshmi Cement said that increase in turnover was backed by a growth of 14% and 18% in production and sales volume respectively. The company's operating profit rose 58% to Rs 115.98 crore in Q1 June 2014 over Q1 June 2013.
JK Lakshmi Cement said that consequent to enactment of the Company's Act 2013 and as per the provision in the Act, the company has reworked its depreciation thereby bringing its depreciation charges down by Rs 5.57 crore in Q1 June 2014. An additional provision of Rs 16.50 crore has been made in Q1 June 2014 for litigation matters relating to earlier years though backed by legal opinion and the facts of the case, the company believes that it has a strong case and that the matter would be decided in its favour. After accounting for exceptional item and tax, the company has posted net profit of Rs 40.46 crore for Q1 June 2014 as against Rs 15.70 crore in Q1 June 2013, JK Lakshmi Cement said.
With the company's relentless efforts towards improving its working, it has been able to further reduce on its fuel consumption which has gone down to 715 K.Cal/Kg of Clinker in Q1 June 2014 as against 731 K. Cal/Kg of clinker in Q1 June 2013, JK Lakshmi Cement said.
The company is making satisfactory progress in its Greenfield project of 27 lakh MT at Durg in Chattisgarh which is expected to be commissioned between October-December 2014, JK Lakshmi Cement said.
JK Lakshmi Cement manufactures cement, which it sells under the brand name JK Lakshmi.
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