JK Lakshmi Cement Becomes a Net Debt Free Company
JK Lakshmi Cement Ltd (JKLC), a Flagship Company of JK Organization announced its Financial Results for the Fourth Quarter of Financial Year 2023. The Company has become ‘Net Debt Free Company’ as of 31st March 2023. The Standalone Net Sales increased by 20% in FY’23. The Standalone Sales Volume increased by 7% in FY’23. The Company achieved a Capacity Utilization of 89% in Q4FY23 Vs 77% in Q3FY23. The Company proposes to issue Green Bonds of Rs. 200 Crores to fund Green Projects. Commenting on the Results of the Company, Vinita Singhania, Vice Chairman & Managing Director (VC&MD) of the Company said, “Despite unabated increase in the fuel cost, the Company has been able to record satisfactory performance by improving its various Efficiency parameters, better Product Mix & Geo Mix & focusing on several Green Initiatives”. During the quarter, the company has successfully commissioned the first of its kind in the State of Rajasthan and the only one in the entire Indian Cement Industry a Floating Solar Power Plant of 1 MW at its Subsidiary, Udaipur Cement Works Ltd. The company has taken up for implementation a project in enhancing its TSR from 4% to 16% in a phased manner at its Sirohi Cement Plant as a part of its Green Initiatives. The company is enhancing its WHR Capacity by 3.5 MW at Sirohi which will come into stream in 4th Quarter of FY’24. The Company has also tied-up with a private player for sourcing 40 MW of Solar Power Plant for its Durg Cement Plant. After the implementation of this Solar Power Project, the Share of Renewable Energy would go up to 80% for Durg Plant and to around 50% for the company. Work on the Expansion Project at its Subsidiary, Udaipur Cement Works Ltd of 2.50 mn tonnes cement plant is on full swing as per schedule. The project is expected to be commissioned in the Second Quarter of FY25 as per the original schedule. The clinkerisation line of 1.50 mn tonnes per annum is expected to be commissioned ahead of the schedule during the third quarter of FY24. UCWL proposes to go for the Rights Issue of upto Rs.450 Crs to part-finance its on-going cement expansion project in June / July 2023.
Tags : JK Lakshmi Cement Ltd flagship company JK Organization financial results sales Vinita Singhania Vice Chairman & Managing Director performance State of Rajasthan