JK Cement's Q1 FY24 net profit drops 29%

16 Aug 2023 CW Team

JK Cement, a prominent player in the cement industry, has witnessed a 29.43% decline in its net consolidated profit for the quarter ending June 30, 2023. The company's net profit after tax fell to Rs 1.13 billion in Q1 FY24, down from Rs 1.60 billion in the same period of the previous fiscal, according to a filing with the Bombay Stock Exchange (BSE). Concurrently, the net consolidated total income grew by 22.16%, reaching Rs 27.94 billion in Q1 FY24 compared to Rs 22.87 billion in the analogous quarter last year.

The National Company Law Tribunal (NCLT) sanctioned the merger of Jaykay Cem (Central) with J.K. Cement on 20 July 2023, as stated in the regulatory filing. As of 30 June 2023, the company's net worth stood at Rs 47.55 billion, with a debt-equity ratio of 1.04. The current liability ratio stood at 0.32, total debts to total assets ratio was 0.36, and the operating margin and net profit margin were recorded at 14.22% and 4.02%, respectively.

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