JK Paper Q3 net profit doubles to Rs70 crore
New Delhi: JK Paper on Tuesday reported almost two fold jump in standalone net profit to Rs69.81 crore for the third quarter ended 31 December, led by volume growth and operational efficiencies.
The company had posted a net profit of Rs35.89 crore in October-December quarter last year, JK Paper said in a statement. Total income during the quarter under review stood at Rs796.76 crore, as against Rs677.63 crore in the year-ago period.
JK Paper vice chairman and managing director H.P. Singhania said: “Higher volume, better product mix, operating efficiencies, lower finance costs from better working capital management and continuous deleveraging have all contributed to the improved performance quarter-on-quarter.”
Total expense were at Rs704.47 crore, up 12.57% from Rs625.79 crore in the year-ago period. About the outlook, he said: “As Paper and Board demand continues to grow in India and given the company’s improved financial position, JK Paper is looking at organic and inorganic growth opportunities including in packaging board and those arising from the resolution process of NCLT.”
Shares of JK Paper on Tuesday settled at Rs142.40 on BSE, up 0.53% from the previous close.