The shares of the leading cement manufacturer gained 6.6 percent to Rs 719.20 a share on Friday after the company’s profit jumped by 56 percent year on year and announced a cement capacity expansion plant.
With a market capitalization of Rs 8,3666 crore. On Friday, JK Lakshmi Cement Ltd shares were trading at Rs 715.20 per share, up Rs 41.15 or 6.07 percent from the previous close price of Rs 674.20.
According to the company’s exchange filing, JK Lakshmi Cement Ltd reported a percent increase in 14 revenue year on year, from Rs 1,393 crore in Q2FY23 to Rs 1,588 crore in Q2FY24. During the same period, net profit increased by 56 percent from Rs 61 crore to Rs 95 crore.
In comparison to the previous quarter, operational revenue fell by 3 percent, from Rs 1,741 crore in Q1FY24 to Rs 1,588 crore in Q2FY24. Net profit also fell by 3 percent, from Rs 79 crore to Rs 95 crore. According to the company’s filing with the stock exchange.
The company board has approved the Capacity addition for an investment of Rs 225 crore for the expansion of the Existing Split Location Grinding Unit at Surat by an Additional Grinding Unit of 13.50 Lakh Tonnes Per Annum, with a utilization capacity of 66 percent in the financial year 2022-23.
The Company’s Subsidiary, Udaipur Cement Works Ltd (UCWL) has successfully commissioned its 2nd Clinker Line of 1.50 Million Tonnes Per Annum in October 2023, whereby its Clinker Capacity has doubled to 3 Million Tonnes Per Annum. Work on the 2.50 Million Tonnes Per Annum of the Cement Mill & Packing Plant is in full swing as per the Schedule
In the latest shareholding pattern, company promoters hold a 46.31 percent stake, Foreign Institutional Investors hold 10.53 percent and retail investors hold a 15.53 percent stake in the company.
JK Lakshmi Cement Ltd is engaged in the manufacturing of Cement and related products like RMC & AAC Blocks in different states in India.
Written by Omkar Chitnis
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