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JK Lakshmi Cement reports 51.41 percent decline in net profit to Rs 13.75 crore

The company had reported a net profit of Rs 28.30 crore in the June quarter a year ago, JK Lakshmi Cement said in a BSE filing.


PTI 02 Aug 2018, 02:16 PM India

JK Lakshmi Cement today reported 51.41 percent decline in its standalone net profit to Rs 13.75 crore for the first quarter ended June 30, impacted by higher fuel and power prices.

The company had reported a net profit of Rs 28.30 crore in the June quarter a year ago, JK Lakshmi Cement said in a BSE filing.

Total income stood at Rs 934.44 crore during the quarter under review. It was Rs 1,013.37 crore in the corresponding quarter of the last fiscal.

"Company's profitability was severely hit by an increase in its cost notably on account of increase in fuel and power prices. Pet coke prices reached an all-time high," the cement firm said.

The JK Organisation group firm further said that its profit is further impacted by the ban on the use of pet coke in a thermal power plant by the Supreme Court in October 2017.

"The company could partially mitigate the full impact of rising in cost by improving the productivity, efficiency parameters and optimizing the product mix," JK Lakshmi Cement said.

Meanwhile, the company said that its revenue was not comparable as sales are recorded net of GST, whereas earlier sales were recorded gross of excise duty.

"With the introduction of GST from July 1, 2017 revenue from operations for the current quarter are not comparable with corresponding quarter," the company said.

Total expenses during the first quarter stood at Rs 919.27 crore.

Shares of JK Lakshmi Cement today settled at Rs 331.95 on BSE, down 2.65 percent from the previous release.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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