JK Cement reports drop in quarterly profit

Bymc2008

Updated Thu, 06 Aug 2015 16:16:01 GMT

JK Cement Ltd has recorded a 99.6% drop in net profit for the quarter ending 30 June. Net revenue for the period rose by 1.3% y/y to Rs.813.72 crore. Other Indian cement companies have also posted losses, attributing this to sluggish demand in the country. It is hoped that demand will pick up later this year, though this depends on government investment decisions.

JK Cement has been accused of cartelisation by the Competition Commission of India and fined Rs.128.54 crore. The company is appealing the penalty.

In May, JK Cement announced plans to raise long-term funds of up to Rs.300 crore through securities and/or debt instruments.