Shares of JK Paper Ltd. surged over 7% on Tuesday after its first-quarter profit beat analysts' estimates.
The paper company's net profit rose 18% year-on-year to Rs 312.56 crore in the quarter ended June, according to an exchange filing. That compares with Bloomberg's estimate of Rs 234 crore.
JK Paper Q1 FY24 (Consolidated, YoY)
Revenue up 11% at Rs 1,584.36 crore (Bloomberg estimate: Rs 1,640 crore)
Ebitda up 13% at Rs 477.19 crore (Bloomberg estimate: 424 crore)
Ebitda margins at 30.1% (Bloomberg Estimate: 26%)
Net profit up 18% at Rs 312.56 crore. (Bloomberg estimate: Rs 234 crore)
Shares of the company rose 5.87% to Rs 331.70 apiece as of 9:43 a.m., as compared to a 0.12% gain in the NSE Nifty 50. The scrip gained as much as 7.25% intraday, the most since March 17.
The relative strength index was at 59.90. Total traded volume stood at 23.2 times its 30-day average.
Out of the four analysts tracking the company, three maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 28%.
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