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However, revenue from operations rose 15.4% year on year to Rs 1,728.87 crore in the quarter ended 31 March 2023.
Profit before tax (PBT) stood at Rs 137.27 crore during the quarter, registering a decrease of 30.6% on YoY basis.
PBIDT (profit before interest, depreciation and tax) fell 29.6% YoY to Rs 206.89 crore during the period under review.
Vinita Singhania, vice chairman & managing director (VC & MD) 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."
For the full year, JKLC's net profit declined 22.4% to Rs 330.77 crore despite of 20.4% rise in net sales to Rs 6,071.05 crore in the year ended March 2023 over the year ended March 2022.
The cement maker said, “Considering the Government's focus on infrastructure development & higher budgetary allocation towards infrastructure development and various other initiatives for housing & road development, the outlook for cement sector is quite positive in the coming year.”
The company added, “Work on flie 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 2nd of FY25 as per the original schedule. The clinkerisation line of 1.50 million tonnes per annum is expected to be commissioned ahead of the schedule during the 3rd 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.”
The board has recommended a dividend of Rs 3.75 per equity share for the financial year ended 31 March 2023.
Meanwhile, the company's board approved 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, subject to requisite regulatory /statutory approvals.
JK Lakshmi Cement is a cement manufacturer with a presence in Northern, Western and Eastern India's cement markets.
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