JK Lakshmi Cement declines on dismal Q4 results

JK Lakshmi Cement declined 1.29 per cent to INR65 at 9:48 IST on BSE, after net profit fell 32.63 per cent to INR70.12 crore in fourth quarter ended March 2010 against same quarter last year.

On BSE, 41,603 shares were traded in the counter as against an average daily volume of 80,706 shares in the past one quarter.

The stock hit a high of INR66.25 and a low of INR63.25 so far during the day. The stock had hit a 52-week high of INR84.85 on 19 January 2010 and a 52-week low of INR40.13 on May 19, 2009.

The small-cap stock had underperformed the market over the past one month until May 18, 2010, falling 11.91 per cent as compared to the Sensex’s 4.07 per cent decline. It had also underperformed the market in the past one quarter, declining 13.18 per cent as compared to the Sensex’s return of 3.36 per cent.

The company’s equity capital is INR61.18 crore. Face value per share is Rs 5.

JK Lakshmi Cement’s net sales rose 21.09 per cent to INR441.26 crore in fourth quarter over the same period last year. The company declared its results after market hours on Tuesday.

Net profit rose 35.02 per cent to INR241.13 crore on 21.72 per cent increase in net sales to INR1490.50 crore in the year ended March 2010 over the year ended March 2009.

At the time of announcing the results, the board of directors of the company recommended a dividend of INR1.50 per share (30 per cent) for the year ended March 2010.