JK Lakshmi Cement shares zoom 6.7% as net profit grows 55% in Q2

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JK Lakshmi Cement, part of JK Organization, witnessed a notable 6.77% surge in its stock price, hitting a four-month high of ₹719.90 per share during Friday's early trading session, propelled by its impressive Q2FY24 performance. At 10:00 AM, the stock was trading with a gain of 5.17% at ₹709. The company released its Q2FY24 numbers post-market hours on Thursday, with a 55% surge in its consolidated net profit at ₹96 crore.

During the same period of last year, the company posted a net profit of ₹62 crore, and in the preceding June quarter (Q1FY24), the net profit came in at ₹80 crore. Its revenue from operations during the September quarter surged to ₹1,575 crore from ₹1,374 crore in Q2 FY23, reflecting a notable 14.62% increase. The company's operating profit showed a 32% YoY improvement, amounting to ₹217 crore.

Also Read: India’s steel, cement industries need ₹47 trillion to go net-zero: Report Further, the EBITDA margin expanded by almost 200 basis points, reaching 13.8%. Notably, the company's blended EBITDA per tonne showed a 17% YoY increase and a 23% QoQ increase, reaching ₹755 per tonne in Q2FY24. Commenting on the results of the company, Mrs Vinita Singhania, Vice Chairman & Managing Director of the company, said, "The profitability of the company improved on account of higher volume, a better product and sales mix, and a reduction in fuel cost." The Board has approved the setting up of an additional cement grinding unit of 13.50 lakh tonnes per year at its existing Surat grinding unit.