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India's JK Lakshmi Cement reported a nearly 91% slide in its second-quarter profit on Wednesday, hurt by a decline in sales volume and cement prices.
The company's profit after tax fell to Rs 7.54 cror (about $894,500) for the quarter ended Sept. 30, from Rs 83.03 crore s a year ago.
Revenue from operations dropped 21.4% to Rs 1,141 crore.
Sales volume fell 14% to 1.87 million tonnes during the quarter.
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Cement prices hit a five-year low in the September quarter, Ambit Capital said, due to an industry-wide ramp-up in production as companies prepared to fill medium-term demand expectations.
Last month, market leader UltraTech Cement posted its first quarterly revenue drop in four years due to low cement prices but flagged early signs of price recovery.
The second quarter is also considered a seasonally weak period for cement makers as demand is subdued due to the monsoons, resulting in muted construction activity.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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