JK Paper Q2 net more than doubles to Rs 327 crore, revenue rises 72%

JK Paper on Wednesday reported more than two-fold increase in consolidated net profit at Rs 326.93 crore in the second quarter of FY23, helped by higher sales volume and enhanced sales realisation.

The company had logged a net profit of Rs 118.38 crore in the July-September period a year ago, JK Paper said in a regulatory filing.

Its revenue from operations went up 72.34 per cent to Rs 1,722.63 crore. It stood at Rs 999.51 crore in the corresponding quarter last year.

JK Paper's total expenses were at Rs 1,207.40 crore, up 49.6 per cent in the September quarter.

Vice Chairman & Managing Director H P Singhania said: "The company was able to deliver an improved performance on a quarter-to-quarter and YoY basis due to growth in volume driven by the ramp-up of new packaging board capacity coupled with overall better realisation despite the adverse impact of higher input costs."

The finance cost was also lower on account of effective working capital management and reduction in interest rate through negotiation, he said.

The Sirpur Paper Mills, a step-down subsidiary, contributed to the company's overall profitable growth with higher volume, improved efficiencies and higher sales realisation, Singhania added.

JK Paper is among the top makers of copier paper, coated paper and packaging boards in the country.

Shares of JK Paper Ltd on Wednesday settled at Rs 409.90 apiece on the BSE, down 2.07 per cent from the previous close.