JK Paper Ltd on Tuesday reported a 17.91 per cent decline in consolidated net profit at Rs 92.72 crore for the fourth quarter ended March 2020 due to COVID-19 and subsequent disruptions. The company had posted a net profit of Rs 112.96 crore in January-March quarter a year ago, JK Paper said in a regulatory filing.
Revenue from operations fell 6.54 per cent to Rs 806.66 crore during the period under review as against Rs 863.18 crore a year ago, the company said.
Total expenses of JK Paper, maker of branded copier paper, coated paper and packaging boards, declined 3.32 per cent to Rs 629.62 crore as against Rs 651.30 crore in the year-ago quarter.
However, for fiscal year 2019-20, JK Paper's net profit rose 10.22 per cent to Rs 468.41 crore as against Rs 424.94 crore in the previous year.
Its revenue from operations declined 5.49 per cent to Rs 3,300.26 crore as against Rs 3,492.26 crore in 2018-19.
On a standalone basis, JK Paper's net profit for FY 2019-20 rose 12.69 per cent to Rs 492.71 crore as against Rs 437.20 crore in 2018-19.
Commenting on the results, JK Paper Vice Chairman & Managing Director H P Singhania said, "It is a matter of satisfaction that the company declared its highest ever annual EBITDA, PBT and PAT despite the setback during the second half of March, 2020 due to nationwide lockdown for COVID-19 pandemic."
"The company was able to deliver stronger performance despite reduction in selling prices, due to high operating efficiencies and lower input cost. Increased procurement from areas closer to the mills resulting from the company's plantation activities has led to a steady reduction in raw material cost," he added.