JK Cement targets 10% revenue growth in FY22

06 Jul 2021 CW Team

JK Cement Ltd, part of J.K. Organisation, aims a 10% increase in its revenue this fiscal, supported by the government's push for infrastructure, a good monsoon and pent-up demand for the sector, informed a top company official.

Rajnish Kapur, Chief Operating Officer, JK Cement, said that despite a drop in sales in the April-June 2021 quarter, due to the pandemic-led disruptions, JK Cement is confident and expects its growth momentum to continue in 2021-22 as well, reviving rapidly in the rest of nine months led by good growth.

Besides, the company anticipates its expansion project at Panna, Madhya Pradesh, to be completed in the next fiscal year, after which it would have a production capacity of approximately 20 million tonnes per annum (mtpa) from the current established capacity of 14.7 mtpa.

JK Cement envisions having a production capacity of 25 mtpa in the subsequent five years and is open to take "bold decisions" for expansion involving purchases, Kapur said. Work at Panna is delayed due to the Covid-19 pandemic and is now anticipated to complete in 2022.

After expansion work at Panna, a few of the existing markets will be better, and new markets will come in.

Last fiscal, JK Cement had a strong performance, as its consolidated revenue from operations was up 15% to Rs 6,233 crore, and earnings before interest, tax, depreciation and amortisation (EBITDA) moved up to Rs 1,514 crore. Its market capitalisation had expanded three times to touch $3 billion in 2020-21.

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Also read: ICRA revises cement growth outlook for FY22

Also read: Panyam Cement's revival plan receives NCLT nod

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