JK Paper Q1 results: Net profit declines 55% to Rs 140.79 cr as prices fall

JK Paper Ltd on Wednesday reported a 55 per cent decline in consolidated net profit to Rs 140.79 crore in the June 2024 quarter, hit by a fall in market prices coupled with a surge in wood cost.

The company posted a consolidated net profit of Rs 312.56 crore in the corresponding period of the last fiscal, JK Paper said in a regulatory filing.

Consolidated revenue from operations in the quarter under review stood at Rs 1,804.47 crore against Rs 1,663.97 crore in the year-ago period, it added.

During the quarter, total expenses were higher at Rs 1,549.21 crore compared to Rs 1,238.34 crore in the year-ago period.

"The results have been adversely impacted due to a significant drop in market prices coupled with a surge in wood cost compared to the corresponding quarter," JK Paper Chairman & Managing Director Harsh Pati Singhania said.

The company, however, increased sales volume driven by higher utilisation in the packaging board business, he added.

JK Paper said in order to mitigate