JK Lakshmi Cement has reported a dip of 39.04 per cent in its net consolidated profit during the quarter ended March 31, 2023. Its profit after tax stood at Rs 114.83 crore in Q4 FY23 as against Rs 188.36 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 1,878.76 crore in Q4 FY23, a growth of 16.28 per cent from Rs 1,615.66 crore it recorded in the similar quarter last year.
The board of directors recommended a dividend of Rs 3.75 per equity share of Rs 5 each (75%) for the financial year ended March 31, 2023.
The board also approved the fund raising through issuance of green bonds/non-convertible debentures (NCDs), in one or more tranches, upto an amount of Rs 200 crore to part finance the cost of the company’s green projects/ongoing projects.
Vinita Singhania, vice chairman & managing director of the company said, “despite unabated increase in the fuel cost. the company has been able to record satisfactory performance by improving its various Efficiency parameters, better Product Mix & Geo Mix & focusing on several Green Initiatives.”
The company said that it has become ‘net debt free’ as of March 31, 2023 and it achieved a capacity utilization of 89% in Q4 FY23 Vs 77% in Q3 FY23. The company has taken up for implementation a project in enhancing its TSR from 4% to 16% in a phased manner at its Sirohi Cement Plant as a part of its green initiatives. It is also enhancing its WHR Capacity by 3.5 MW at Sirohi which will come into stream in fourth quarter of FY24.
Work on the expansion project at its subsidiary, Udaipur Cement Works of 2.50 million tonnes cement plant is on full swing as per schedule. The project is expected to be commissioned in the second quarter of FY25. The clinkerisation line of 1.50 million tonnes per annum is expected to be commissioned ahead of the schedule during the third quarter of FY24.
UCWL proposes to go for the Rights Issue of upto Rs 450 crore to part-finance its on-going cement expansion project in June/July 2023.
