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JK Cement net profit dips 42% to ₹96 cr, revenue up by 17%

1 min read . Updated: 05 Feb 2023, 04:21 PM IST Livemint

JK Cement says the proposed fund raising would be ‘subject to shareholders approval’ at its annual general meeting to be held 29 July 2017. Photo: Mint

The revenue from operations rose by 17 per cent to ₹2,288 crore which is against ₹1,940.4 crore

JK Cement on Sunday reported 42.3 per cent decline in net profit to ₹96.6 crore for the quarter ended December 2022. This is against a net profit of ₹167.3 crore in the year ago period, said the company in its regulatory filing.

The revenue from operations rose by 17 per cent to ₹2,288 crore which is against ₹1,940.4 crore in the corresponding quarter last year, said JK Cement in the filing.

The EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) for the quarter was down by 29.1 per cent at ₹262.9 crore as against ₹370.80 crore in the year ago period.

While, the EBITDA margin came in at 11.5 per cent as against 19.1 per cent in the year ago period.

The company's has approved issue of redeemable secured, listed, onn-convertible, taxable debentures ('NCD' / 'Debentures') upto Rs. 100 Crores on private placement basis, the regulatory filing noted.

JK Cement said the funds will be used for long term growth and general corporate purposes.

“Funding long term growth including general corporate purposes inter-alia including capital expenditure, repayment of long term borrowings as per normal repayment schedule or for any other purpose related to business. Pending utilization of the proceeds of the NCD as here in before, the Company intends to invest in the high quality interest bearing instruments including deposits with banks and investments in mutual funds, bonds, government securities, and other debt instruments," the filing added.