JK Lakshmi comes out of debt restructuring
India’s JK Lakshmi Cement Ltd, belonging to JK Group, today said the company has come out of the Corporate Debt Restructuring (CDR).
The net profit of the company more than doubled to Rs 142 crore during the six-month period of the current year (2007-08) as compared to Rs 66 crore in the comparable period last year.
The cement manufacturer has been achieving excellent performance for more than two years, it said in a filing to the Bombay Stock Exchange. The company has replaced high cost debts by cheaper funds to the extent of Rs 325 crore, which will reduce interest costs, it said.
The company’s 36 MW captive power plant, which was commissioned recently, would contribute significantly to reduce power costs.
The company’s project for further enhancing the capacity from 3.4Mta to 5Mta is also progressing as per schedule and is expected to be commissioned by end of first half of 2008-09, it said.