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JK Paper’s Q1 net profit up 79 per cent | Canindia News

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JK Paper’s Q1 net profit up 79 per cent

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CanIndia New Wire Service 0 comments

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Mumbai, July 25 (IANS) Branded paper company JK Paper on Monday reported a rise of 79 per cent in its net profit for the first quarter (Q1) of 2016-17.

The company’s net profit stood at Rs 26.66 crore for the quarter ended June 30, 2016, up from Rs 14.89 crore in the corresponding quarter of last fiscal.

According to the branded paper manufacturer, its gross sales for the quarter under review increased by four per cent to Rs 710.87 crore.

The firm’s Q1 EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 14 per cent to Rs 116.70 crore from Rs 102.69 crore in the previous corresponding quarter.

“The improvement in performance is mainly due to higher production and sales, enriched product mix, continuous improvements in operating efficiencies and input cost reduction in comparison to corresponding quarter,” said Harsh Pati Singhania, Vice Chairman and Managing Director, JK Paper in a statement.

“The results also reflects the improved outlook of Indian paper industry.”

–IANS

rv/vt

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