Coal news and updates

JK Lakshmi Cement today reported a 19.4 per cent decline in standalone net profit at Rs 20.85 crore for the fourth quarter ended March 31, 2017, hurt by an increase in input costs. The company had posted a standalone net profit of Rs 25.87 crore in the same quarter of previous fiscal, JK Lakshmi Cement said in a BSE filing. Total income during the quarter under review stood at Rs 930.57 crore as against Rs 837.21 crore in the year-ago period, up 11.15 per cent.

During the quarter, the company recorded a volume growth of 6 per cent over the year-ago period but increase in petcoke and diesel prices offset the benefit of the volume growth, it said. Cement capacity at drug plant was increased to 2.7 million tonnes from 1.8 million tonnes during the quarter, the company said.

Udaipur Cement Works Ltd, an arm of the company, also commissioned its Kiln with the capacity of 1.24 million tonnes in March 2017. With it, the overall capacity of JK Lakshmi Cement stands at nearly 13 million tonnes. The board of directors of the company have recommended 15 per cent dividend of 75 paisa per share.

For the fiscal ended March 31, 2017, the company posted a standalone net profit of Rs 82 crore. It had posted a net loss of Rs 6.56 crore in 2015-16. Total income for FY17 was at Rs 3,329.93 crore as compared to Rs 2,987.95 crore in FY16. Shares of the company ended 2.30 per cent down at Rs 515.10 on BSE.

Source: Financial Express