JK Lakshmi Cement hardens after Q2 PAT jumps 75% YoY

JK Lakshmi Cement rose 2.39% to Rs 297.1 after the cement maker posted a 75.5% jump in standalone net profit to Rs 80.58 crore in Q2 September 2020 from Rs 45.91 crore reported in Q2 September 2019.

Standalone net sales for Q2 September 2020 came at Rs 1044.77, growing 11.7% over Rs 935.48 crore posted in Q2 September 2019. The company said it achieved its highest turnover in Q2 September 2020 quarter. The result was announced after market hours yesterday, 4 November 2020.

The cement maker's profit before tax (PBT) rose nearly 62% to Rs 117.6 crore in Q2 September 2020 from Rs 72.75 crore in the corresponding period last year. Total tax expense spiked 38% to Rs 37 crore in Q2 September 2020 over Q2 September 2019.

The company's concerted efforts to improve efficiencies, better product mix and reduction in logistic costs enabled it to push its profitability up. Softening in Pet-Coke prices helped the company to improve the margins. The company's EBIDTA rose by 32% year on year to Rs 205.05 crore in Q2 September 2020 from Rs 155.42 crore in Q2 September 2019.

JK Lakshmi assured that its progress on the Waste Heat Recovery Unit III Project at Sirohi is as per schedule and will be commissioned by July 2021. The company's subsidiary Udaipur Cement Works is expanding its cement capacity by 2.5 million tonnes which is likely to be commissioned in October-December 2023. On completion of this expansion, consolidated capacity of JKLC and UCWL will enhance to 16.4 million tonnes.

JK Lakshmi Cement manufactures cement, which it sells under the brand name JK Lakshmi.

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