JK Lakhsmi Cement Q1 net up over two-fold at Rs 50 cr

JK Lakshmi Cement today reported an over two-fold jump in net profit at Rs 50.28 crore for the first quarter ended June 30, buoyed by a 23% growth in sales volume.

The city-based firm had clocked Rs 22.75 crore net profit during April-June quarter of the last fiscal.

"The healthy increase in profitability is because of rise in sales volume by 23% over the corresponding quarter. The company has achieved all-round improvement in capacity utilisation and efficiency parameters," the cement maker said in a release, without disclosing the volume of sales.

In sync with the rise in sales volume, sales turnover also jumped by 35% to Rs 597 crore from Rs 441 crore a year ago.

Commenting on the results, JK Lakshmi Cement MD Vinita Singhania said, the increased volume was greatly aided by the timely-commissioning of the grinding unit in Haryana.

"The greenfield project at Durg is expected to go on stream by the third quarter of 2013," she said.

JK Lakshmi Cement is investing Rs 1,200 crore to set up the plant Durg in Chhattisgarh having an installed capacity of 2.7 million tonnes per annum.