JK Paper today reported over two-fold jump in standalone net profit to Rs 43.96 crore for the quarter ended on September 30, 2016, on account of higher sales volume and improved realisations.
It had posted a net profit of Rs 17.95 crore for the July -September quarter of previous fiscal, JK Paper said in a statement.
Its total income from operations during the period under review was up 14.57 per cent to Rs 720.69 crore as against Rs 629.02 crore of the corresponding quarter last fiscal.
Commenting on the results, JK Paper Vice Chairman & Managing Director H P Singhania said:" The improvement in performance is due to higher sales volume and improved realisations as compared to Corresponding Quarter. The result reflects the positive outlook of Indian Paper Industry".
Meanwhile, in a seperate filing JK Paper informed BSE that its board today approved to raise Rs 500 crore from the market through Non Convertible Debentures (NCDs) and Qualified Institutional Placements (QIPs).
"The Board has authorised issue of NCDs alongwith Warrants and other eligible securities to QIPs for a total value of upto Rs 500 crore. This is to fund the Company's ongoing capital expenditure and growth plans," the company said.
Shares of JK Paper today settled at Rs 86.20 on BSE, up 2.80 per cent from previous close.
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