JK Paper Q3 net up 37.63% at Rs 15.69 crore

NEW DELHI: JK Paper today reported a 37.63 per cent increase in net profit at Rs 15.69 crore for the third quarter ended December 31, 2015

The company had posted a net profit of Rs 11.4 crore in the same period last fiscal, it said in a BSE filing.

Net sales during the period under review stood at Rs 596.63 crore as against Rs 544.73 crore in the year-ago period, up 9.52 per cent.

Commenting on the results, JK Paper Vice Chairman & Managing Director Harsh Pati Singhania said, "The improvement in performance has been achieved through higher sales volume, better product mix and improved efficiencies."

He added that the performance has been achieved despite lower production arising from 10 days planned annual shutdown in December 2015 at the company's Odisha unit.

During the quarter, cost of materials consumed stood at Rs 308.3 crore as against Rs 344.45 crore in the corresponding period last fiscal, while power and fuel expenses were also lower at Rs 51.06 crore as against Rs 66.34 crore in the year-ago quarter.

"Export volumes have been growing consistently based on the strength of company's flagship brand JK Copier," he added.

Singhania said JK Paper has become a "net green company" with the planting of more number of trees than it uses for paper production.

Shares of JK Paper today ended at Rs 42.65 apiece, up 0.23 per cent from the previous close on the BSE.

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