Kolkata, Aug 1 (IANS) Cement maker JK Cement Ltd. on Saturday posted a massive decline in its net profit — 99.6 percent at 16.01 lakh — for the period ending June 30 this year.
The company’s net profit in the corresponding time period last fiscal stood at Rs. 38.03 crore.
Net revenue during the review period rose marginally by 1.3 percent at Rs. 813.72 crore as against Rs.803.23 crore during April-June 2014.
The Competition Commission of India has imposed a penalty of Rs.128.54 crore on the company for alleged cartelisation.
JK Cement has filed an appeal over the penalty in the Competition Appellate Tribunal (Compat) and has deposited Rs. 1.28 crore as fixed deposit in favour of Compat.