JK Cement gains after PAT soars to Rs 220 cr in Q4 FY24

JK Cement rose 1.97% to Rs 3,911.25 after the cement maker's consolidated net profit zoomed 100.6% to Rs 219.75 crore in Q4 FY24 as compared to Rs 109.52 crore recorded in Q4 FY23.

Revenue from operations jumped 11.8% year on year to Rs 3,105.77 crore in the quarter ended 31 March 2024.

Profit before exceptional items and tax surged by 119.05% year on year to Rs 337.68 crore in the quarter ended 31 March 2024. The company reported exceptional loss of Rs 9.50 crore in Q4 FY24.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped by 60% YoY to Rs 560 crore during the quarter. EBITDA margin expanded to 18.5% in Q4 FY24 as compared with 12.8% recorded in Q4 FY23.

On the margins front, the company's operating margin improved to 18.03% in Q4 FY24 as against 12.60% reported in Q4 FY23. Net profit margin grew to 6.97% in Q4 FY24 as compared to 3.91% recorded in Q4 FY23.

Grey cement volume stood at 46.76 lakh tonnes, up 13% YoY while White cement volume increased by 3% to 1.31 lakh tonnes from 1.10 lakh tonnes in Q4 FY23.

On full year basis, the company's consolidated net profit climbed 86.70% to Rs 790.83 crore on 18.88% rise in revenue to Rs 11,556 crore in FY24 over FY23.

Meanwhile, the company's board has recommended a dividend of Rs 15 per share and a special dividend of Rs 5 per share for the financial year 2023-24. The record date of said dividend and special dividend has been fixed as 10 July 2024. However, the dividend would be paid to the shareholders on or before 15 August 2024.

Further, the companys has recommended for the approval of Shareholders resolution to raise fund from the date of passing of resolution in 30th Annual General Meeting till one year by issue of secured/redeemable nonconvertible debentures in one of more series/tranches on private placement basis for an amount upto Rs 500 crore.

Furethermore, firms board had approved the scheme of amalgamation sanctioning merger of Acro Paints (step down subsidiary of the Company) with JK Maxx Paints (wholly owned subsidiary of the Company) has been approved by the Regional Director (NR) on 03 May 2024. The Management is in the process to obtaining/amending PF/ESIC Registration for JK Maxx Paints and other necessary statutory formalities.

The Scheme shall become effective upon completion of all statutory formalities and upon filing of the certified copy of the order with the registrar of companies/ministry of corporate affairs within 30 days from 3 may 2024.

JK Cements is engaged in the manufacturing and selling of Cement and Cement related products.

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