JK Lakshmi Cement Q1 Results: Shares fall 5%, with a 29% decline in net profit

JK Lakshmi Cement shares fell 4.73% on Friday after the company reported a 29% drop in net profit year on year for the recently concluded June quarter.

On July 27, the company recorded a net profit of Rs 78.5 crore for Q1FY24, down from Rs 111 crore in Q1FY23. Sequentially, net profit fell 31.7% from Rs 115 crore recorded in the March quarter.

The company's revenue from operations increased by 4.6% year on year in the quarter under review, reaching Rs 1,730.3 crore. In the meantime, it fell by 7% sequentially.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) fell by 53.9% year on year to Rs 196.3 crore in Q1FY24, compared to Rs 425.9 crore in Q1FY23.

Margins for the June quarter fell by 1,450 basis points to 11.3%, down from 25.8% in the previous fiscal's same period.

JK Lakshmi Cement, a subsidiary of the larger tyre-to-paper manufacturing JK Group, manufactures cement and related building products. The company has an installed production capacity of 13.3 million tonnes per year and operates from six manufacturing plants in India.

Source: Media Reports

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