Kanpur-based J&K Cement Ltd today reported a more than six fold jump in its net profit at Rs 50.2 crore for the quarter ended December 31, compared to Rs 7.8 crore in the year-ago period.
Net turnover for the October-December period grew by 44 per cent at Rs 319 crore as against Rs 221.7 crore last fiscal, a company release said.
For the nine months ended December 31, 2006, the net profit jumped seven times to Rs 117.2 crore from Rs 16.2 crore in the year-ago period.
Net turnover for April-December period increased by 38 per cent at Rs 866.7 crore as against Rs 627.8 crore in the corresponding period last fiscal.
J&K Cement has taken over the assets of Nihon Nirmaan Ltd from IDBI at a price of Rs 42 crore, the release said.
The company plans to produce grey cement from the plant. It is expected that about 3-3.5 lakh tonne of grey cement will be produced from the plant, which is expected to put to use by October-December 2007, it added.
Besides, it also said the work on the new Greenfield cement plant of 3.5Mt at Karnataka has begun and the project is scheduled to be implemented by October 2008.