JK Lakshmi Cement has reported a 5.8 per cent decline in its consolidated net profit during the first quarter of the financial year 2020-21. Its profit after tax (PAT) stood at Rs 50.63 crore in Q1 FY21 as against Rs 53.75 crore in the corresponding quarter previous fiscal.
The company’s net income stood at Rs 918.54 core in Q1 FY21, a dip of 20 per cent from Rs 1,142.20 crore it recorded in the similar quarter last year.
“The company has maintained hundred percent asset cover in respect of its listed, secured, non-convertible debentures aggregating to Rs 241.60 crore, outstanding as on 30 June 2020, and such debentures are secured by way of first charge on the company’s properties,” it said in the regulatory filing.
In a media release, it said, sales volume was severely impacted by lockdown restrictions during most part of Q1 FY20 resulting into sales volume plunging by 18% in Apr-June 2020 over Apr-June 2019.
Continuing cost savings, improving product mix & reduction in logistic costs which enabled the company to marginally improve its operating margins to 17%. To reduce the power cost, JK Lakshmi Cement is enhancing further its WHR power capacity by 10MW which is likely to be commissioned in first half of FY22.