JK Lakshmi Cement Shares Hit Three-Month High After Q2 Profit Jump
The company's consolidated net profit rose 43% year-on-year to Rs 45 crore in the quarter, according to its exchange filing.
Shares of JK Lakshmi Cement Ltd. hit a three month high on Friday after its profit jumped in the second quarter.
The company's consolidated net profit rose 43% year-on-year to Rs 45 crore in the quarter, according to its exchange filing.
The board approved capacity expansion of the existing grinding unit at Surat by putting up an additional grinding unit of 13.50 lakh metric tonnes, per annum. The expansion will require an investment of Rs 225 crore and will be added over a period of two years.
JK Lakshmi Cement Q2 FY24 Highlights (Consolidated, YoY)
Revenue up 14.6% at Rs 1,574.5 crore.
Ebitda up 32.5% at Rs 217.3 crore.
Margin at 13.8% vs 11.9%.
Reported profit up 43% at Rs 45 crore.
Shares of the company rose as much as 6.78%, the most since July 3, before paring gains to trade 5.53% higher at 9:54 a.m. This compares to a 0.59% advance in the NSE Nifty 50.
The stock has fallen 12.79% on a year-to-date basis. Total traded volume so far in the day stood at 47 times its 30-day average. The relative strength index was at 64.7.
Of the 20 analysts tracking the company, 15 maintain a 'buy' rating, three recommend a 'hold,' and two suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.1%.
