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JK Paper Reports Multifold Jump in Net Profit to INR 104.22 Crore for Q1 FY2021-22

Revenue from operations stood at INR 660.75 crore as against INR 469.24 crore in the year-ago period.

July 31, 2021

JK Paper
Mr. Harsh Pati Singhania

JK Paper has reported a multifold jump in consolidated net profit to INR 104.22 crore for the first quarter ended June 30 on the back of higher sales and better realization.

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As per the media report — JK Paper, which had posted a net profit of INR 2.66 crore in the year-ago period, said its board has approved an investment of INR 150 crore for setting up a corrugated packaging plant.

Mr. Harsh Pati Singhania, Vice Chairman & Managing Director, JK Paper Ltd. said, “Higher volume with better realizations across all segments resulted in improved performance during the quarter despite the impact of the 2nd wave of the COVID-19 pandemic.”

He further added, ”Reopening of educational institutions in a gradual manner will improve demand for writing and printing paper. The company continued its focus on reducing cost, enriching product mix and serving its customers better”.

Also Read: JK Paper to Commission INR 2000 Crore Capacity Expansion Project in Gujarat.

“The plantation activities remain as a prime focus area to procure adequate raw material at economical cost,” Mr. Singhania added.

JK Paper said its performance on a consolidated basis was also better in the quarter due to the steady operational performance of The Sirpur Paper Mills Ltd., a step-down subsidiary.

The packaging board project at ‘Unit-CPM’ is progressing well despite some delay in supplies due to the impact of COVID-19 and trial production is expected to start in the current quarter.