JK Paper Q1 profit up 58 pc to Rs 95 cr

JK Paper today reported 58.27 per cent rise in standalone net profit at Rs 95.14 crore for the June quarter on better operating margins and improved performance.

The company had posted a net profit of Rs 60.11 crore in April-June quarter a year ago, JK Paper said in a BSE filing.

Total income in the said quarter stood at Rs 801.79 crore. It was Rs 671.02 crore in the year-ago period.

The company said revenue for the June quarter is not comparable as it is reported net of GST revenue.

Total expenses of the company were at Rs 654.62 crore.

"Market for the company's products remains strong.This along with better operating efficiencies, enriched product mix and lower finance cost has resulted in improved performance," JK Paper Vice-Chairman & MD Harsh Pati Singhania sad.

The company also informed that Hyderabad Bench of National Company Law Tribunal had on July 19 approved its bid for acquisition of Sirpur Paper Mills under the Insolvency and Bankruptcy Code 2016.

"Effective steps are being taken for implementation of the same. Post-acquisition, the company's total capacity will increase to 6 lakh tonne per annum," said JK Paper.

Shares of JK Paper today settled at Rs 126.50 on BSE, down 1.09 per cent from the previous close.