JK Paper reported an excellent set of numbers for Q2FY19. The revenue for the quarter grew 17% yoy and declined by 1.3% qoq to Rs785cr. EBITDA came in at Rs205cr, up 47.5% yoy and 2.7% qoq. EBITDA margins expanded 539bps yoy and 101bps qoq to 26.1%. Reported PAT grew 93.5% yoy and 15.2% qoq to Rs110cr.
The top-line growth is likely to have been driven by broad based volume growth and higher realisations. The increase in realisation in copier paper segment is expected to be ~5%.
Dollar appreciation would have marginally aided blended realisation on yoy basis.
Gross margins improved by 233bps yoy and 155bps qoq, wich we believe is aided by better product mix.
Power & fuel cost as percentage of sales declined by 118bps yoy while other expenses declined by 159bps yoy.
Finance cost declined from Rs33cr in Q2FY18 to Rs28cr in the current quarter and other income increased by 63.6% yoy to Rs10cr, aiding overall profitability.
JK Paper Ltd is currently trading at Rs. 180.70, down by 4.7 points or 2.54% from its previous closing of Rs. 185.40 on the BSE.
The scrip opened at Rs. 185.50 and has touched a high and low of Rs. 186.65 and Rs. 179.35 respectively. So far 19,35,885 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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