JK Lakshmi Cement Ltd on Thursday reported a 30.65 per cent decline in consolidated profit after tax to Rs 79.79 crore in the first quarter ended June 30, with rain and cyclone Biparjoy impacting operations in Gujarat and Rajasthan.

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The company, which posted a consolidated profit after tax of Rs 115.07 crore in the same quarter last fiscal, said its board has approved raising of up to Rs 2,500 crore through debt to part-finance its ongoing projects and fund various growth opportunities, including inorganic growth.

Its consolidated net sales in the first quarter stood at Rs 1,730.25 crore compared to Rs 1,654.14 crore in the year-ago period, the company said in a regulatory filing. Sales volumes were 32.05 lakh tonnes in the first quarter against 30.32 lakh tonnes a year ago.

"The operations of the company, during the quarter, were impacted by unprecedented rain and cyclone Biparjoy in Gujarat and Rajasthan," JK Lakshmi Cement Vice Chairman & Managing Director Vinita Singhania said. The company achieved a cement capacity utilisation of 85 per cent in the first quarter, while the clinker capacity utilisation was 97 per cent, the company said.

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