JK Lakshmi Cement today reported 51.41 per cent decline in its standalone net profit to Rs 13.75 crore for the first quarter ended June 30, impacted by higher fuel and power prices.
The company had reported a net profit of Rs 28.30 crore in the June quarter a year ago, JK Lakshmi Cement said in a BSE filing.
Total income stood at Rs 934.44 crore during the quarter under review. It was Rs 1,013.37 crore in the corresponding quarter of the last fiscal.
"Company's profitability was severely hit by increase in its cost notably on account of increase in fuel and power prices. Pet coke prices reached all time high," the cement firm said.
The JK Organisation group firm further said that its profit is further impacted by ban on use of pet coke in thermal power plant by the Supreme Court in October 2017.
"The company could partially mitigate the full impact of rise in cost by improving the productivity, efficiency parameters and optimising the product mix," JK Lakshmi Cement said.
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Meanwhile, the company said that its revenue was not comparable as sales are recorded net of GST, whereas earlier sales were recorded gross of excise duty.
"With introduction of GST from July 1, 2017 revenue from operations for current quarter are not comparable with corresponding quarter," the company said.
Total expenses during the first quarter stood at Rs 919.27 crore.
Shares of JK Lakshmi Cement today settled at Rs 331.95 on BSE, down 2.65 per cent from previous release.
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