JK Lakshmi Cement Q1 net plunges 70%

Company's quarterly turnover also took a hit of 14.5%, slipped to Rs 511.11 crore vs Rs 597.71

JK Lakshmi Cement, a cement maker in North India, has posted a whopping decline in net profit of close to 70% in its net profit at Rs 15.7 crore for the quarter ended June, 2013. In the previous corresponding quarter, the company's profits stood at Rs 50.3 crore.
 

The company's quarterly turnover, too, took a hit of 14.5% and slipped to Rs 511.11 crore compared with Rs 597.71 crore in the previous corresponding quarter.
 

According to a company's statement, "The fall in profitability and sales is attributed to decline in production by 14 per cent and lower sales realization by 5 per cent consequent to slow down being experienced by the cement industry, especially in the northern and western parts of the country where the company mainly operates."
 

On the BSE, the company's stocks closed at Rs 71.10, up 0.21 per cent. JK Lakshmi's Q1 results after the close of trading hours.