 "cement, construction, infrastructure, realty")
JK Lakshmi Cement on Thursday reported a consolidated net profit of Rs 157.01 crore for the quarter ending on March 31 (Q4) in the financial year 2023-24 (FY24). This was a 42.7 per cent rise in profit, compared to Rs 110.03 crore reported during the same period last year. Sequentially, profit rose 9.2 per cent, from Rs 143.67 crore in Q3.
The company's consolidated revenue from operations, however, dropped marginally by 4.4 per cent to Rs 1,780.85 crore in Q4, compared to Rs 1,862.07 crore reported in the year-ago period. Sequentially, however, revenue from operations rose by 4.6 per cent, from Rs 1,702.84 crore.
During the quarter, the company acquired an 85 per cent stake in Agrani Cement Private Limited for a total purchase consideration of Rs. 325.11 crore. As a result of this acquisition, Trivikram Cement Private Limited, Mahabal Cement Private Limited, and Avichal Cement Private Limited, which are wholly-owned subsidiaries of Agrani Cement Private Limited, have become step-down subsidiaries of the JK Lakshmi Cement, the company said in an exchange filing.
Together with Agrani Cement Private Limited, these step-down subsidiaries form the "Trivikram Consortium," which has been jointly granted mining rights for limestone amounting to 335 million tonnes.
For the entire financial year, JK Lakshmi Cement's net consolidated profit stood Rs 471.82 crore, a 31.5 per cent increase, compared to Rs 358.62 crore reported at the end of FY23. Revenue from operations for the financial year stood at Rs 6,788.47 crore, representing a 5.2 per cent growth year-on-year from Rs 6,451.50 crore.
Commenting on the company's results, Vinita Singhania, chairperson and managing director (CMD) of the JK Lakshmi Cement, said, "The profitability of the company improved due to higher volume, a better product and sales mix, and a reduction in fuel cost."
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The company board recommended a final dividend of Rs 4.50 per share for the financial year that ended on March 31, 2024.
Shares of JK Lakshmi Cement closed trading at Rs 795.70 ahead of the company's fourth quarter earning report.
