JK Cement acquires Nihon Nirman from IDBI

Mumbai, Jan 29 (UNI) JK Cement Limited, the second largest producer of white cement in India, has acquired Nihon Nirman Ltd from IDBI for Rs 42 crore.

The 3.5 lakh tonne plant, which will produce grey cement, is scheduled to be commissioned shortly. The grey cement produced will be sold in the northern markets where the company enjoys a strong presence, a company release said here today.

Currently, the company has two grey cement plants at Nimbahera and Mangrol with an aggregate installed capacity of 40 lakh tons and is one of the top five producers of grey cement in the northern region.

Meanwhile, the production of grey cement increased by 45,000 tons in the third quarter of the current financial year ended December 31. This coupled with improved realization has resulted in increase in net turnover by 44 per cent to Rs 319 crore as against Rs 221.7 crore while PBIDT has increased by 163 per cent to Rs 89.8 crore as against Rs 34.2 crore for the same period last year. Profit before tax shot up by 507 per cent to Rs 73.5 crore against Rs 12.1 crore on a QoQ basis and net profit by 544 per cent to Rs 50.2 crore against Rs 7.8 crore.

The earning per share increased to Rs 7.18 as against Rs 1.56 during corresponding quarter of previous year.

UNI