Get latest articles and stories on Business at LatestLY. New Delhi [India], May 24: JK Lakshmi Cement Limited (JKLC) today announced its financial results for the fourth quarter (January-March) of the fiscal year 2023-24, along with full financial year 2023-24, demonstrating robust operational performance and a steadfast commitment to sustainability. Business News | JK Lakshmi Cement Reports Robust Q4 and FY 2023-24 Result, Net Profit Jumps 28 Per Cent to Rs 424.32 Crores in FY24.
NewsVoir New Delhi [India] May 24 JK Lakshmi Cement Limited JKLC today announced its financial results for the fourth quarter January-March of the fiscal year 2023-24 along with full financial year 2023-24 demonstrating robust operational performance and a steadfast commitment to sustainability KEY HIGHLIGHTS The Standalone Net Sales increased by 4 in FY24 The Standalone Sales Volume increased by 1 in FY24 The Company achieved a Capacity Utilization of 89 in Q4FY24 Vs 79 in Q3FY24 Commenting on the company results Vinita Singhania Chairperson Managing Director JK Lakshmi Cement Ltd stated We witnessed robust performance in the fourth quarter The Profitability of the Company improved on the account of higher volume better product sales mix and reduction in fuel cost At JK Lakshmi Cement our commitment to sustainability and innovation continues to drive our strategic initiatives The promising forecast for housing real estate sales along with the government sustained focus on enhancing logistics infrastructure presents tremendous opportunities for us These developments allow us to contribute to national advancement while continuing to lead in sustainable cement production Company vision on Sustainability and increasing capacity is manifesting in key initiatives and achievements this year SUSTAINABILITY The Company is implementing a Project for enhancing its TSR from 4 to 16 in a phased manner at its Sirohi Cement Plant as a part of its Green Initiatives The Company is also enhancing its WHR Capacity by 35 MW at Sirohi which will come into stream in First Quarter of FY25 The Company has tied-up under the Captive Route sourcing of Solar Power of 40 MW for its Integrated Cement Plant at Durg in Chhattisgarh With this Sourcing the Share of Renewable Power at Durg Cement Plant has increased from 36 to 80 from October 2023 CAPEX The Company Subsidiary Udaipur Cement Works Ltd UCWL had successfully commissioned its second Clinker Line of 150 Million Tonnes Per Annum in October 2023 whereby its Clinker Capacity has doubled to 3 Million Tonnes Per Annum The Cement Grinding Capacity of 25 Million Tonnes Per Annum was commissioned in March 2024 The Company is in the process of expanding its Cement Grinding capacity at its Surat Grinding Unit from 135 Million Tonnes to 27 Million Tonnes The Project is likely to cost Rs 225 Crores to be funded through Term Loans from Bank of Rs 150 Crore balance through Internal Accruals The Company is expanding the Clinker Capacity at its integrated Cement Plant at Durg in Chhattisgarh by putting up an Additional Clinker Line of 23 Million Tonnes Per Annum Four Cement Grinding Units aggregating to 46 Million Tonnes Per Annum at Durg in Chhattisgarh and also Three Split Location Cement Grinding Units with aggregate Cement Grinding Capacity of 34 Million Tonnes Per Annum at Prayagraj in Uttar Pradesh Madhubani in Bihar Patratu in Jharkhand The Project is likely to cost Rs 2500 Crores is proposed to be funded through Term Loans from Banks of Rs 1750 Crores balance through Internal Accruals The Company is also putting up a Railway Siding at its Durg Cement Plant at a Cost of Rs 325 Crores to be funded through a Debt of Rs 225 Crores Balance from Internal Accruals ACQUISITION During the Quarter the Company acquired 85 stake in Ms Agrani Cement Private Limited at a total Purchase Consideration of Rs 32511 Crores Consequent to this Acquisition Ms Trivikram Cement Private Limited Ms Mahabal Cement Private Limited Ms Avichal Cement Private Limited wholly owned subsidiaries WOS of Ms Agrani Cement Private Limited have become the step-down subsidiaries of the Company These step-down subsidiaries together with Ms Agrani Cement Private Limited jointly called as Trivikram Consortium have been jointly granted Mining Rights having Limestone Reserves of approx 335 Million Tonnes OUTLOOK The cement industry in India has experienced a robust growth trajectory underscored by the government intensified focus on infrastructure development and the revitalization of the real estate sector Anticipated to sustain its vigour the demand for cement is poised to remain robust propelled by governmental initiatives aimed at significant infrastructure projects including the construction of highways railways and affordable housing The Government of India continues to champion infrastructure development as a pivotal catalyst for economic growth In the recent Union Budget for 2024-25 substantial allocations have been directed towards pivotal infrastructure endeavours Rs 25 trillion designated for the construction of highways and expressways Rs 15 trillion allocated for the enhancement of the railway infrastructure including the expansion of the metro rail network Rs 1 trillion earmarked for the construction of affordable housing units under the Pradhan Mantri Awas Yojana PMAY FINANCIAL HIGHLIGHTS JK Lakshmi Cement Limited a distinguished part of the esteemed JK Organisation boasts a rich heritage of over 135 years with operations in India and abroad The JK Organisation holds a leadership position in various industries including tyre cement paper power transmissions sealing solutions dairy products and textiles Established in 1982 JK Lakshmi Cement has become a prominent name in the Indian cement industry over the past four decades with an annual turnover exceeding Rs 6000 crores The company maintains a strong presence in the cement markets of Northern Western and Eastern India and aims to achieve a cement capacity of 30 million tonnes by 2030 Currently the company combined capacity stands at approximately 164 million tonnes per annum Under its Smart Business Solutions SBS portfolio JK Lakshmi Cement offers a diverse range of products including JK Lakshmi Powermix Ready Mix Concrete JK Lakshmi Plast Gypsum Plaster and JK SmartBlox Autoclaved Aerated Concrete Blocks ADVERTORIAL DISCLAIMER The above press release has been provided by NewsVoir ANI will not be responsible in any way for the content of the same
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