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IDBI Capital Report
JK Paper Ltd.’s Q3 FY22 result was in-line with our estimates on key parameters. Healthy demand and price hike supported net sales growth, while prudent cost control aided operating margin expansion.
Net sales increased by 37.4% YoY to Rs 10,236 million, while Ebitda came in at Rs 2,513 million, up by 61.9% YoY. Ebitda margin improved by 380 basis points YoY to 24.6%.
It reported net profit of Rs 1,511 million compared to net profit of Rs 646 million in Q3 FY21. The management guided that demand was marginally subdued in January 2022, however, it is expected to improve in subsequent months.
JK Paper’s packaging board plant has started production and should contribute to net sales from FY23E.
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