Homemarket Newsstocks News

JK Lakshmi Cement shares gain the most in two months despite quarterly profit dropping 30 percent

JK Lakshmi Cement shares gain the most in two months despite quarterly profit dropping 30 percent

JK Lakshmi Cement shares gain the most in two months despite quarterly profit dropping 30 percent
Read Time
1 Min(s) Read
Profile image

By Nigel D'Souza   |Nigel D'Souza Nov 4, 2022 2:49:42 PM IST (Published)

The net profit of Rs 59 crore for the quarter was higher than Jefferies estimates of Rs 49 crore.

wealth-desk wealth-desk

Buy / Sell JK Lakshmi Cem share

Recommended Articles

View All

Shares of JK Lakshmi Cement gained the most in two months despite the company reporting a 29 percent drop in its September quarter net profit.
However, the net profit of Rs 59 crore for the quarter was higher than Jefferies estimates of Rs 49 crore.
The company mentioned that profitability remained under pressure due to the rise in global fuel costs, which it managed to partly mitigate through better operational efficiencies, increasing volumes, optimising the product mix and increasing the sales of premium products.
Revenue for the quarter stood at Rs 1,303 crore which was marginally below Jefferies' expectations of Rs 1,354 crore.
However, the company's operating profit or EBITDA stood at Rs 139 crore, higher than the Jefferies estimate of Rs 123 crore. Margin contracted 400 basis points from last year to 10.6 percent from 14.6 percent. Higher power and fuel costs, which rose 47 percent from last year, contributed to the margin hit.
Shares of JK Lakshmi Cement are trading 8 percent higher at Rs 621.50. The stock has an 88 percent “Buy” rating according to aggregate collected by Refinitiv from 17 analysts.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!