JK Paper Q1 Results: Net profit rises 18% to Rs 313 crore

economictimes.indiatimes.com:

JK Paper on Monday reported an 18.3 per cent increase in its net profit to Rs 312.56 crore in the June quarter. The company had posted a net profit of Rs 264.23 crore during the same quarter a year ago, JK Paper Ltd said in a regulatory filing.

Its revenue from operations was up 10.77 per cent to Rs 1,584.36 crore during the period as against Rs 1,430.23 crore in the year-ago period, the company said. In the first quarter of the current fiscal (Q1), the total expenses of JK Paper — manufacturer of fine paper, coated paper, and packaging boards — were at Rs 1,238.34 crore, up 12.43 per cent.

JK Paper Vice Chairman & Managing Director Harsh Pati Singhania said, «On a consolidated basis, the results have improved due to the acquisition of corrugation business in the last year and better performance by Sirpur Paper Mills with increased volume and higher sales realisation.» However, the packaging board business saw a drop in volume and sales realisation and was hit by higher pulp-carrying costs, he added. The company further enhanced its social farm forestry initiative across all plant locations, thereby improving the green cover in Odisha, Gujarat, Maharashtra, Andhra Pradesh, and Telangana, JK Paper said in its earning statement.

«This will ensure adequate availability of raw materials at affordable costs and make the company remain wood- and carbon-positive,» it said. Shares of JK Paper Ltd on Monday settled at Rs 313.25 on the BSE, down 1.12 per cent from its previous close.