JK Cement Q1 net profit down 62.25% to Rs 50 cr due to Covid-19 lockdown

JK Cement Ltd on Monday reported a 62.25 per cent decline in consolidated net profit at Rs 49.94 crore for the first quarter ended June 2020 as company's operations and business performance was impacted due to lockdown.

The company had posted a net profit of Rs 132.30 crore in April-June period a year ago, JK Cement said in a regulatory filing.

Its revenue from operations declined 27.91 per cent to Rs 1,004.84 crore during the quarter under review as against Rs 1,393.92 crore in the year-ago period.

"The operations and business performance of the group during the quarter ended June 30, 2020 was adversely impacted due to the shutdown of the group's plants at various locations on account of lockdown announced by the government after the outbreak of COVID-19 pandemic in March 2020," the company said.

Operations were resumed in a phased manner after April 20, taking cognizance of the governments' advisories around resuming manufacturing activities and after obtaining necessary permissions from the concerned authorities, it added.

JK Cement's total expenses fell 23.24 per cent to Rs 932.43 crore in June quarter as against Rs 1,214.78 crore in the year-ago period.

Meanwhile, in a separate filing, JK Cement said its board in a meeting held on Monday "appointed Sushila Devi Singhaniachairperson of the board and/or the company with immediate effect."

It also appointed/redesignated Raghavpat Singhania from Executive Director (Corporate & White Cement) to Managing Director and Madhavkrishna Singhania from Executive Director (Grey Cement) to Deputy Managing Director and CEO.

The board also redesignated Ajay Kumar Saraogi from Executive Director and CFO to Deputy Managing Director and CFO up to June 16, 2025.

Shares of JK Cement Ltd on Monday settled 0.81 per cent lower at Rs 1,489 on the BSE.