JK Lakshmi Cement shares trim most of sharp early gains, close over 3 pc higher

Shares of JK Lakshmi Cement on Thursday trimmed most of its sharp early gains and closed the day over 3 per cent higher.

In early trade, it jumped nearly 11 per cent after the company reported over twofold jump in consolidated net profit for the fourth quarter ended March 31.

The stock, which advanced 10.75 per cent to Rs 220.80 on the BSE during the day, later surrendered most of its early gains and closed at Rs 206, up 3.34 per cent.

It closed with a gain of 3.35 per cent at Rs 206.20 on the National Stock Exchange (NSE) after surging 9.17 per cent to Rs 217.80 during the trade.

The company on Wednesday reported more than twofold jump in consolidated net profit to Rs 98.63 crore for the fourth quarter ended on March 2020, helped by cost reductions.

The company had posted a profit of Rs 39.38 crore in January-March period a year ago, it said in a regulatory filing.

However, its revenue from operations during the quarter under review was down 11.08 per cent at Rs 1,137.47 crore as against Rs 1,279.33 crore in the year-ago period.

The company's concerted efforts in improving product mix, market optimisation, enhancing the premium products sales, reduction in logistic costs and improvement in plant efficiency parameters enabled the company to post better returns, JK Lakshmi Cement said in a statement.