JK Lakshmi Cement in red

JK Lakshmi Cement is down in the red on the back of its disappointing Q2FY16 performance. The company posted a loss YoY and the market, as expected, is pressing heavy sales on the counter. Volumes today are up almost 6 times. Intra day, the stock price went down over 3.5% to Rs.354.10.

On account of subdued sales, lower price realization, higher expense and interest outgo, the company ended the quarter with a net loss of Rs.15 crore v/s net profit of Rs.31 crore in previous Q2. The only saving grace – QoQ loss has come down from Rs.23 crore.

Net revenue was up 13% but costs rose 21% and ate away 96% of topline v/s 89% in Q2FY15. EBITDA thus slipped 24% to Rs.67 crore. Interest outgo was up 118% at Rs.48 crore and like the colloquial last straw, pushed the bottomline into the red. Its H1FY16 loss stands at Rs.38 crore v/s profit of Rs.71 crore (YoY).