JK Lakshmi Cement profits rise 46.3% in Q4

24 May 2024 CW Team

India's JK Lakshmi Cement reported a significant 46.3% increase in its fourth-quarter profit, attributed to stringent cost control measures amidst a challenging market landscape. Despite a decline in revenue due to lower cement prices, the company managed to bolster its bottom line.

The net profit after tax (PAT) surged to Rs 1.42 billion compared to Rs 973.2 million in the previous year. This impressive growth was facilitated by a notable 10.4% reduction in total expenses, driven by decreased fuel, transport, and employee costs.

However, revenue from operations experienced a moderate decline of 4.7% to Rs 16.48 billion, primarily influenced by a 4.3% drop in volumes. Cement makers in India resorted to offering discounts in the January-March period to combat intense competition and achieve year-end volume targets. This strategy resulted in a nationwide decrease in cement prices to two-year lows on an annualised basis.

JK Lakshmi Cement's success in controlling costs mirrors a similar trend observed in rival companies like India Cements, which managed to narrow its losses. However, Adani-owned Ambuja Cements and south India-focused rival Ramco Cements fell short of their respective fourth-quarter profit estimates. (ET Infra)

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