JK Paper fell 1.46% to Rs 94.50 after consolidated net profit fell 17.4% to Rs 92.69 crore on 8.8% decline in net sales to Rs 735.86 crore in Q4 March 2020 (Q4 FY20) over Q4 March 2019 (Q4 FY19).
Profit before tax (PBT) stood at Rs 137 crore in Q4 FY20, down by 22.7% from Rs 177.15 crore in Q4 FY19. Total expenditure fell 5% to Rs 559.37 crore while interest payment shrunk by 7.4% to Rs 32.87 crore in Q4 FY20 over Q4 FY19. Depreciation costs jumped 38.9% to Rs 37.38 crore during the quarter compared with Rs 26.92 crore in the corresponding quarter last year.
In view of nationwide lock down due to COVID-19, 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 18 April 2020 after necessary approval from the respective authorities.
The company's net profit rose 11.2% to Rs 475.32 crore on 6% decline in net sales to Rs 3060.19 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PBT stood at Rs 696.39 crore in FY20, up by 4.6% from Rs 666.04 crore in FY19.
JK Paper is the market leader in branded copier paper segment and among the top two players in coated paper and high-end packaging boards. It has two large integrated paper manufacturing units - one in Odisha and the other in Gujarat with a combined capacity of 4,55,000 tonnes per annum (TPA).
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