Chennai, Nov 1 Seshasayee Paper and Boards Ltd has reported a 21 per cent jump in net profit for the second quarter of the current year as compared with the corresponding period last year.

According to a press release from the company, it has reported a net profit of ₹ 6.87 crore (₹ 5.69 crore) on a turnover of ₹ 245.60 crore (₹ 268 crore) for the quarter ended September 30, 2014.

Production during the quarter was 45,289 tonnes (46,352 tonnes) while sales dropped to 39,498 tonnes (45,548 tonnes).

The company attributed the performance to improved profitability on lower finance costs due to repayment of loans and a reduction in depreciation provision following revision in rates under the new Companies Act 2013.

But slow market conditions contributed to a drop in production and sales. Increasing costs of inputs particularly wood also added to the challenge.

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