JK Paper Ltd on Thursday reported a 29.13% decline in its consolidated net profit to Rs 236.36 crore for the third quarter ended December 2023, impacted by the rise in raw material cost and weak demand scenario.
The company had posted a net profit of Rs 333.54 crore in the October-December quarter a year ago, according to a regulatory filing from JK Paper.
The company is engaged in branded copier paper, coated paper and packaging boards.
Its total income rose 4.15% to Rs 1,762.32 crore during the quarter under review. It was Rs 1,692.06 crore in the corresponding quarter a year ago.
'The results have been impacted due to an overall drop in sales realisation and a substantial increase in wood cost. The selling prices have been under pressure for some time due to rising trend in imports, coupled with weaker demand scenario,' said Vice Chairman and Managing Director Harsh Pati Singhania.
The total expenses surged 20.66% to Rs 1,497.55 crore in the December 2023 quarter.
In a separate filing, JK Paper informed that its board in a meeting held on Wednesday declared an interim dividend of 35%, which is Rs 3.50 per equity share of Rs 10 each.
Shares of JK Paper on Wednesday settled at Rs 413.70 apiece on BSE, up 1.58% from its previous close.
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