JK Lakshmi cracks up
JK Lakshmi Cement has been right there among the top five losers since the opening bell today; opening over 1% lower at Rs.770.80, going down 5.5% to an intraday low at Rs.738.05. Its 20% LC for the day is at Rs.624.15.
The company ended Q4FY23 with a 39% (YoY) drop in consolidated net profit at Rs.115 crore, way below most estimates. This was on a 16% jump in topline at Rs.1862 crore.
EBITDA for the quarter came in at Rs.233 crore, down 28% while margins fell from 20.29% to 12.49%.
The good news in the company – its become debt free as at 31st March’23. The company achieved a capacity utilization of 89% in Q4FY23 Vs 77% in Q3FY23.
The company proposes to issue Green Bonds of Rs. 200 crore to fund Green Project.
The company said that work on its Expansion Project at its Subsidiary, Udaipur Cement Works Ltd(UCWL) of 2. 50 Million Tonnes Cement Plant is on full swing as per Schedule. The project is expected to be commissioned in the Second Quarter of FY25 as per the Original Schedule.
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.