JK Cement, a prominent player in the cement industry, unveiled its fourth-quarter financial results for the period ending March 31, 2024, showcasing an impressive 101 percent surge in consolidated net profit. The company’s consolidated net profit soared to ₹219.75 crore, marking a substantial increase from ₹109.52 crore recorded during the corresponding period last year, aligning with market expectations.
The robust performance was underpinned by a commendable 11% uptick in consolidated revenue from operations, which stood at ₹3,105.77 crore for the March quarter, compared to ₹2,777.88 crore in the same period a year ago.
In a significant move, JK Cement announced an overall dividend at the rate of ₹20 per equity share, comprising a recommended dividend of ₹15 and a special dividend of ₹5. This announcement coincides with the company’s celebration of fifty years since the commencement of grey cement production and forty years since the commencement of white cement production.
“The record date for the recommended dividend and special dividend has been set as July 10, 2024, with dividend payouts scheduled to be completed on or before August 15, 2024,” stated the company in its exchange filing.
JK Cement disclosed plans for its 30th annual general meeting (AGM), scheduled to take place on July 19, 2024, to discuss the fourth-quarter earnings and other pertinent matters. The meeting will be conducted through permitted means, ensuring stakeholder participation while adhering to regulatory guidelines.
Additionally, the company announced the merger of Acro Paints Limited, a step-down subsidiary, with JK Maxx Paints Ltd, a wholly-owned subsidiary, with regulatory approval obtained from the Regional Director (NR) on May 3, 2024.
Furthermore, JK Cement disclosed key leadership appointments, with the re-appointment of Nidhipati Singhania as Non-Executive, Non-Independent Director, Raghavpat Singhania as Managing Director (MD), and Madhavkrishna Singhania as MD and CEO for a five-year term, effective from June 17, 2025.
JK Cement’s stellar financial performance underscores its resilience and strategic initiatives amidst dynamic market conditions, positioning the company for sustained growth and value creation in the cement sector.
