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JK Paper Limited reported a ₹ 92.72 crore consolidated net profit for the fourth quarter of financial year 2019-2020. This is lower than the ₹ 112.96 crore consolidated net profit reported in the corresponding quarter of the previous financial year.
In a BSE filing, the company said that the interim dividend of ₹4 per share of ₹ 10 face value (or 40 per cent) on equity shares amounting to ₹ 85.95 crore (including taxes) already paid for the financial year 2019-20 be treated as final dividend for that year.
For the full financial year 2019-2020, consolidated net profit stood at ₹ 468.41 crore, up from ₹ 424.94 crore reported in fiscal 2018-2019.
Consolidated total income for the quarter was ₹ 766.62 crore, down from ₹ 828.45 crore in the corresponding quarter of the previous fiscal. For the full year, total income stood at ₹ 3,164 crore, down from ₹ 3,306.71 crore shown in the fiscal 2018-2019.
Covid-19 impact
In another filing to the exchanges, JK Paper said that it has temporarily suspended operations at its manufacturing facility - Unit CPM at Fort Songadh, Gujarat on Monday (May 11) for about a week due to lower market demand and extended lockdown in western region.
“ln view of nationwide lock down due to Covid-19, the company's operations at its Unit JKPM, Odisha and Unit - CPM, Gujarat were temporarily suspended which impacted performance for the quarter. The company resumed operations at both the units on April 18 after necessary approval from the respective authorities. All necessary precautions relating to hygiene, sanitization, social distancing, care and protection of the employees would continue to be followed,” a company statement said.
Harsh Pati Singhania, Vice Chairman and Managing Director, JK Paper said “The company was able to deliver stronger performance despite reduction in selling prices, due to high operating efficiencies and lower input cost. Increased procurement from areas closer to the mills resulting from the company’s plantation activities has led to a steady reduction in raw-material cost.”
The company has achieved financial closure for its Packaging Board project at Unit CPM. The project, which was progressing as per schedule till the interruptions caused by Covid-19 is being monitored closely. Though work has resumed, there is likely to be a delay due to constraints in availability of adequate manpower and project import clearances, he added.
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