JK Cement records net profit of INR1248m

JK Cement has reported that its standalone net profit declined by 26.1 per cent to INR1248m (US$15.5m) in the 2QFY22-23. This is against INR1688m in the year-ago period, the company said in a regulatory filing.

The revenue from operations during the declined by 16.7 per cent during the period. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was down by 9.8 per cent at INR2967m  from INR3290m in the year ago period.

The company has also approved an expansion programme of over next two years with an investment of INR11,610m. "Considered and approved expansion of 5.5Mta over next two years out of which 3.5Mta capacity is proposed in JK Cement Ltd (JKC) and a greenfield split grinding unit of 2Mta capacity to be set up in JKC’s wholly owned subsidiary, Jaykaycem (Central) Ltd (Jaykaycem)," said the company in its regulatory filing.