JK Lakshmi Cement posts healthy nos for Q2; board approves capacity addition; stock up over 6%

Shares of JK Lakshmi Cement rose over 6 per cent in Friday's morning deals to touch the intra-day high of Rs 718 apiece. The buying interest in the stock came a day after the company posted its July–September quarter (Q2 FY24) results.

At around 10:00 a.m., shares of JK Lakshmi Cement traded 5.46 per cent or Rs 36.8, higher on the BSE at Rs 711.1 apiece. The market capitalisation of the company stood at Rs 8,367.52 crore.

Post-market hours on Thursday, the cement company reported a consolidated net profit of Rs 83 crore as against Rs 59 crore, which translates to an increase of 41 per cent year-on-year (YoY).

The revenue of the company rose 12 per cent to Rs 1,453 crore during the quarter from Rs 1,303 crore logged in the same period a year ago. The earnings before interest, tax, depreciation, and amortisation (EBITDA) grew 29 per cent to Rs 178.54 crore as against Rs 138.6 crore registered in the year-ago period.

The company's margin, a key to measuring profitability, rose 130 basis points (bps) to 12.3 per cent from 11 per cent YoY.

The board also approved the capacity addition of the existing split location grinding unit at Surat by putting up an additional grinding unit of 13.50 lakh tonnes per annum worth Rs 225 crore.

The addition will be done in two years.

JK Lakshmi Cement share price: Past performance

In 2023 so far, shares of JK Lakshmi Cement have lost over 10 per cent as against the Nifty50's rise of over 5 per cent.

stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.