JK Cement has reported a dip of 62 per cent in its consolidated net profit during the first quarter of the financial year 2020-21. Its profit after tax (PAT) stood at Rs 49.94 crore as against Rs 132.30 crore it recorded in the corresponding quarter previous fiscal, the company said in a BSE filing.
It’s net consolidated income stood Rs 1,024.97 crore in Q1 FY21, a dip of 27 per cent from Rs 1,411.27 crore it registered in the similar quarter last year.
Raghavpat Singhania who was an executive director (corporate and white cement) has been redesignated to managing director of the company. Madhavkrishna Singhania has been redisignated from executive director (grey cement) to deputy managing director and CEO of the company while Ajay Kumar Saraogi has been redesignated from executive director and CFO to deputy MD and CFO.
It also appointed Sushila Devi Singhania, a non-executive non-independent director, as chairperson of the board and Kavita Y Singhania as an additional director (non-executive non-independent).
At its captive power plant in Mangrol a major accident took place on March 5, 2020 due to fire. Restoration process of the plant has been completed on August 29, 2020 & subsequent trial run process is going on, the company said in the regulatory filing.