JK Lakshmi Cement’s net profit up 41.13% in Q4 FY24, Real Estate News, ET RealEstate
NEW DELHI: JK Lakshmi Cement has reported a growth of 41.13 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 162.06 crore in Q4 FY24 as against Rs 114.83 crore it recorded in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,807.15 crore in Q4 FY24, a dip of 3.81 per cent from Rs 1,878.76 crore it recorded in the similar quarter last year.
The board of directors recommended a final dividend of Rs 4.50 per equity share of Rs 5 each (90%) for the financial year ended March 31, 2024.
The standalone net sales increased by 4% in FY24. It achieved a capacity utilization of 89% in Q4FY24 vs 79% in Q3 FY24.
The company is implementing a project for enhancing its TSR from 4% to 16% in a phased manner at its Sirohi Cement Plant as a part of its Green Initiatives.
It is in the process of expanding its cement grinding capacity at its Surat grinding unit from 1.35 million tonnes to 2.7 million tonnes. The project is likely to cost Rs 225 crore to be funded through term loans from bank of Rs 150 crore & balance through internal accruals.
During the quarter, the company acquired 85% stake in Agrani Cement at a total purchase consideration of Rs 325. 11 crore. Consequent to this acquisition, Trivikram, Mahabal Cement and Avichal Cement, wholly owned subsidiaries of Agrani Cement have become the step-down subsidiaries of the company. They have have been jointly granted mining rights having limestone reserves of approximately 335 million tonnes.
