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India's JK Lakshmi Cement expressed a 69% surge in third-quarter profit on healthy demand and higher prices. The company, the construction materials subsidiary of JK Group, said net profit after tax increased to ₹1.24 billion (around $15 million) for the quarter ended December 31, from ₹735.9 million a year earlier.
Revenue from operations increased 6.6% to ₹15.86 billion. Power and fuel costs, JK Lakshmi's biggest expense, fell around 25%. The housing and infrastructure sectors have seen a demand surge, aided by higher government spending ahead of the national elections, boosting cement makers' bottom lines. Cement prices also saw a 2.5% sequential rise during the quarter, brokerage Systematix said, helping cement makers earn more from their sales.
Larger rivals Ultra Tech Cement and ACC Ltd beat December-quarter profit estimates on price hikes and strong infrastructure demand. On the other hand, Ambuja Cements and India Cements saw subdued demand in the quarter.
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