JK Cement’s net profit tanks 62% to Rs 50 cr for Q1FY21
New Delhi: JK Cement’s consolidated net profit has tanked 62 percent at Rs 50 crore for the first quarter of the current financial year as compared to Rs 132 crore in the corresponding quarter of the previous fiscal.
The company’s net consolidated income fell 27 percent to Rs 1,024 crore for the first quarter of the current financial year as compared to Rs 1,411 crore in the corresponding quarter of the previous fiscal.
There was a major fire at the captive power plant of the company in Mangrol on 5 March 2020. The restoration process after the fire has been achieved on 29 August 2020.
Raghavpat Singhania has been redesignated as MD of the company. He was serving as executive director (corporate and white cement) of the company so far. JK Cement also appointed Sushila D Singhania, a non-executive non-independent director, as the chairperson of the board. The company also appointed Kavita Singhania as an additional director (non-executive non-independent), the company said in a regulatory filing.