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JK Paper has nearly doubled its net profit for the third quarter ended December 31, 2017, compared with the corresponding quarter in the previous year.
The growth in net profit was supported by increase in volumes and cost efficiency on raw material side with captive pulp wood from farm forestry, said V Kumaraswamy, CFO.
The paper and board manufacturer has reported a net profit of ₹69.81 crore (₹35.89 crore) during the quarter on a total income of ₹796.76 crore (₹677.63 crore).
Volume growth was also supported by exports, he said. Activity has also picked up over the last three months in the renewable energy certificates market which contributed about ₹25 crore, which is about ₹ 17-18 crore more than in previous instances, he said.
A press release quoting Harsh Pati Singhania, Vice-Chairman and Managing Director 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 on quarter-to-quarter basis.”
“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.’’
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