New Delhi, Jan 31 : JK Lakshmi Cement on Wednesday said its net profit after accounting for tax and other comprehensive income stood at Rs 8.38 crore during the October-December (Q3) quarter of 2017-18.
According to the company, its profitability -- which was already hit by the steep increase in fuel prices -- got further affected by the apex court's ruling banning pet coke consumption in the three states of Rajasthan, Haryana and UP from November 2017.
"Further increase in the diesel prices also pushed the cost up both manufacturing and logistics.
After providing for interest and depreciation, profit before tax rose to Rs 12.72 crore in October-December 2017 from Rs 4.92 crore in October-December 2016," the company said in a statement.
During the quarter under review, the company recorded 15 per cent growth in its sales volume as compared to a year ago period.
"Driven by robust volume growth, the company achieved 25 per cent jump in its net sales to Rs 837.41 crore in October-December 2017 from Rs 670.89 crore in October-December 2016," the statement said.
Despite substantial rise in net sales, EBIDTA (earnings before interest, depreciation, taxes and amortisation) went up only by 11 per cent to Rs 108.95 crore in Q3 2017-18 from Rs 97.84 crore in Q3 2016-17, it added.
The company said during the quarter under review, it commissioned a seven MW Waste Heat Recovery Power Project at its Durg Plant.
"The full benefit of this will accrue from coming quarters.
Company improved its power consumption to 70 Kwh/MT in October-December 2017 from 75 Kwh/MT in October-December 2016," the company said.
The company added that work on the 20 MW thermal power project at Durg is progressing as per schedule and is likely to be commissioned in the third quarter of 2018-19 which will optimise cost of production.