New Delhi, Jan 30 (PTI) JK Paper today reported almost two fold jump in standalone net profit to Rs 69.81 crore for the third quarter ended December 31, led by volume growth and operational efficiencies. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
The company had posted a net profit of Rs 35.89 crore in October-December quarter last year, JK Paper said in a statement. Also Read - 'Jammu And Kashmir to Reopen For Tourism Soon', Says J&K Administration
Total income during the quarter under review stood at Rs 796.76 crore, as against Rs 677.63 crore in the year-ago period. Also Read - COVID-19: Centre Announces Guidelines For Unlock 2, Lockdown Till July 31 in Containment Zones
JK Paper Vice Chairman & MD H P Singhania said:”Higher volume, better product mix, operating efficiencies, lower finance costs from better working capital management and continuous deleveraging have all contributed to the improved performance quarter-on-quarter.”
Total expense were at Rs 704.47 crore, up 12.57 per cent from Rs 625.79 crore in the year-ago period.
About the outlook, he said: “As Paper and Board demand continues to grow in India and given the company s improved financial position, JK Paper is looking at organic and inorganic growth opportunities including in packaging board and those arising from the resolution process of NCLT.” Shares of JK Paper today settled at Rs 142.40 on BSE, up 0.53 per cent from the previous close.
This is published unedited from the PTI feed.