JK Lakshmi Cement Ltd.'s profit rose in the third quarter of fiscal 2024, beating analysts' estimates.
The cement manufacturer's profit increased 93.9% year-on-year to Rs 150.2 crore in the October-December quarter, according to an exchange filing on Thursday. That compares with the Rs 127.34-crore consensus estimate of analysts tracked by Bloomberg.
The company's board also declared an interim dividend of Rs 21 per share on 11.76 crore equity shares, of face value Rs 5 each for FY24. The record date for the same is set at Feb. 21.
JK Lakshmi Cement Q3 FY24 Highlights (Consolidated, YoY)
Revenue up 9% at Rs 1,702.8 crore vs Rs 1,561.7 crore (Bloomberg estimate: Rs 1,696.16 crore).
Ebitda up 64.7% at Rs 305.1 crore vs Rs 185.3 crore (Bloomberg estimate: Rs 254.04 crore).
Margin 17.9% vs 11.9% (Bloomberg estimate: 15%).
Reported profit up 93.9% at Rs 150.2 crore vs Rs 77.4 crore (Bloomberg estimate: Rs 127.34 crore).
The company's board also approved fundraising through long-term loans or issue of debt securities up to an amount of Rs 2,500 crore to part finance the company's ongoing and proposed expansion projects, as well as funding its various growth opportunities including inorganic growth.
Shares of JK Lakshmi Cement closed 1.13% lower at Rs 915 apiece, before the results were announced, as compared with a 0.97% fall in the Nifty 50.
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