JK Paper plunges 3% on lacklustre Q4 result; suspends biz in Gujarat facility

JK Paper registered a net profit of Rs92.72cr which declined by 17.91% from Rs112.96cr in the corresponding period of the previous year.

May 13, 2020 10:05 IST India Infoline News Service

JK Paper
JK Paper share price witnessed selling pressure from investors, as it has plunged by over 3% with an intraday low of Rs93 per piece on Sensex in early trade. The company has announced its March 2020 (Q4FY20) quarter and year-ended result.

At around 10.18 am, JK Paper share price was trading at Rs94.95  per piece on Sensex down by 1%.

In the previous closing, JK Paper shares ended at Rs95.90 per piece.

During Q4, JK Paper registered a net profit of Rs92.72cr which declined by 17.91% from Rs112.96cr in the corresponding period of the previous year.

Similarly, revenue from operations tumbled by 6.54% to Rs806.66cr in Q4 versus Rs863.18cr in Q4FY19.

For FY20, JK Paper's net profit and revenue were at Rs468.41cr and Rs3,300.26cr. PAT grew by 10.22% yoy, however, revenue declined gradually by 5.49% yoy.

On the day of result announcement, JK Papers also revealed that they have temporarily suspended operations at its manufacturing facility - Unit CPM at Fort Songadh, Gujarat starting May 11, 2020.

The company has shut down the facility for about a week due to lower market demand and extended
lockdown in Western Region.

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