JK Cement Q4 net profit at Rs 70.56 cr;to raise up to Rs 500cr

JK Cement today reported a marginal rise in its standalone net profit at Rs 70.56 crore for the quarter ended March 31, 2016.
The firm had clocked a net profit of Rs 69.84 crore in the year-ago period, it said in a regulatory filing.
Total standalone income of the company rose by 5 per cent to Rs 972.58 crore in January-March quarter of the last fiscal as against Rs 922.32 crore in the same quarter of 2014-15.
For the entire 2015-16, JK Cement's standalone net profit was lower at Rs 101.54 crore from Rs 156.92 crore in 2014-15. Total standalone income was higher at Rs 3,560.32 crore from Rs 3,357.16 crore during the same period.

In a separate filing, the company said its Board has recommended a dividend of Rs 4 per equity share for the fiscal ended March 31, 2016.
The Board also "Decided to raise fund by issue of secured /irredeemable non-convertible debentures in one or more series /tranches on private placement basis for an amount up to Rs 500 crore at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing subject to the approval of the shareholders."
It further said: "Subject to approval of the Shareholders in the ensuring Annual General Meeting, enhanced the borrowing limit from existing Rs 5,000 crore to Rs 7,500 crore and in this regard to create security/charges by way of mortgage/ hypothecation on the immovable/movable assets of the company.