Paper manufacturer JK Paper on Tuesday reported an exponential rise of 278 per cent in its standalone net profit for the quarter ended March 31, 2017.
According to the company, its net profit during the quarter under review increased to Rs 56.32 crore from Rs 14.89 crore in the corresponding period of 2015-16.
"The company has achieved its highest sales and profitability during the year," said Harsh Pati Singhania, Vice Chairman and Managing Director, JK Paper.
"Increased volumes, better sales realisation and improved operating parameters have resulted in better performance throughout the year.
The present outlook of Indian paper industry remains positive."
On a full financial year 2016-17 basis, the company reported a rise of 167 per cent in its standalone net profit to Rs 162.83 crore from Rs 60.87 crore.
"The paper industry continues to grow well with increased demand absorbing surplus capacities," Singhania said.
"The Indian paper industry has good potential to grow as the per capita consumption in India is only 11 kg compared to 26 kg in Asia and 56 kg globally. The company continues to enhance its farm forestry programme, planting more trees than it uses, making it wood positive."
JK Paper pointed out that its board has recommended a dividend of Rs 1.50 per share of Rs.10 each amounting to Rs 29.50 crore on the equity share capital for the year ended March 31st, 2017.
Currently, the company is the market leader in branded copier paper in India and amongst the top producers of coated paper and packaging boards in the country.
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