JK Paper today reported 51.90% dip in net profit at Rs 11.12 crore for the quarter ended March 31, 2012 on account of increase in raw material costs.
The company had posted net profit of Rs 23.12 crore for the quarter ended March 31, 2011, JK Paper said in a statement.
Net sales of the company however increased to Rs 419.33 crore for the quarter ended March 31, 2012, from Rs 363.32 crore for the Q4 of 2010-11 fiscal.
Net profit of the company stood at Rs 49.32 crore for 2011-12, as against Rs 106.42 crore for the year ago period.
"Profit for the year has been significantly impacted due to lower receipt of link age coal and increase in raw material costs without commensurate increase in selling price. However, the situation has improved during the last quarter of the year," JK Paper said.
The Board of Directors of the company have recommended dividend at the rate of Rs 1.50 per share on 13,66,20,625 equity shares of Rs 10 each for the financial year ended March 31, 2012, it added.
Shares of JK Paper were trading at Rs 33.65 in the afternoon trade on BSE, down 0.44% from its previous close.