Seshasayee reports 73.2% jump in net profit

Paper manufacturer

has reported a 73.2% jump in its net profit for the quarter ending December 31, 2012 at Rs 8.11 crore.

For the nine month period ending December 31, 2012, the company's net profit grew 19.7% to Rs 29.97 crore from Rs 25.02 crore registered in the year ago period.

The total income of the company for the three month period ending December 31, 2012 stood at Rs 161.51 crore as against Rs 142.34 crore.

For the nine month period ending December 31, 2012, total income rose to Rs 482.59 crore from Rs 434.11 crore.

Seshasayee Paper and Boards Ltd Chairman and Managing Director N Gopalaratnam said the market conditions were stable during the quarter ending December 31, 2012.

"Prices of input materials like wood and chemicals had shown an increasing trend from the end of second quarter. To partially cover the escalation in the cost of input materials, prices of paper were revised during November and December 2012", he said.

"With market displaying subdued demand, competition is expected to be severe over the year", he added.

Shares of the company were trading at Rs 234.45 apiece, up 6.57% over the previous close.