JK Paper today reported over two-fold increase in net profit to Rs 60.11 crore for the first quarter ended June 30 on back of higher sales.
The company had posted a net profit of Rs 26.66 crore in April-June quarter last year, JK Paper said in a statement.
Total income during the quarter under review stood at Rs 671.77 crore, up 4.75 per cent, as against Rs 641.25 crore in the corresponding period last fiscal.
Commenting on the results, JK Paper Vice Chairman & Managing Director Harsh Pati Singhania said, "Enriched product mix, wider distribution and higher operating efficiencies helped continuous improvement in profitability on quarter to quarter basis".
Its total expenses were at Rs 581.58 crore, down 3.46 per cent, compared to Rs 602.43 crore.
"The company has reduced its finance costs significantly by efficient working capital management, reduction in total debt and reduced rate of interest," he added.
Share of the company closed at Rs 96.95, down 0.72 per cent on BSE.
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