JK Lakshmi Cement ups profit by 3%, to pay 40% dividend
JK Lakshmi Cement achieved a revenue growth of 12 per cent in 2014-15 despite a difficult year in which cement demand grew by only about 2 per cent in its marketing zone. After accounting for exceptional items and tax, the company’s profit stood at Rs 95.6 crore against Rs 93 crore in 2013-14. JK Lakshmi Cement’s sales rose to Rs 2568.49 crore in 2014-15 from Rs 2293.59 crore in the previous fiscal.
Its operating profit (PBIDT) went up to Rs 377.66 crore in 2014-15 from Rs. 346.23 crore in 2013-14. After providing for interest and depreciation, the company’s PBT before exceptional items was higher at Rs 175.02 crore in 2014-15 than Rs 133.87 crore in 2013-14.
For the fourth quarter (January-March 2015), it has reported a decline sales and PBIDT to Rs 643.29 crore and Rs 89.24 crore against Rs 721.55 crore and Rs 136.55 crore respectively in the corresponding quarter of the previous year.
JK Lakshmi provided Rs 49.19 crore as an exceptional item towards the demand notice of the sales tax department. Apart from this, exceptional items included Rs 12.61 crores being one-time expenditure incurred on the launch of new products and on setting up of new marketing networks in eastern markets.
The Board of Directors has recommended maintaining the dividend at last year’s level of 40 per cent.