JK Paper Reports 57.8% YoY Profit Decline in Q2; Revenue Up 2%

5 Nov 2024 , 11:32 PM

JK Paper Ltd reported a 57.8% YoY drop in net profit for Q2 FY24, reaching ₹129 Crore, compared to ₹305.7 Crore in the same period last year.

At the time of closing on November 5, 2024 shares of JK Paper Ltd closed at ₹453.45 which is a 0.71% dip than the previous close. JK Paper Ltd stock has gained a total of 21% in the last one year, and 11% gain since the beginning of the year.

Revenue from operations saw a modest 2% growth YoY, amounting to ₹1,683 Crore, up from ₹1,650 Crore in the corresponding quarter of the previous fiscal. At the operational level, EBITDA decreased 35.3% YoY to ₹263.6 Crore, down from ₹407.3 Crore in Q2 FY23.

The EBITDA margin dropped to 15.7% this quarter, a significant decline from 24.7% in the same quarter of the previous year. For the first half of FY24, JK Paper reported a consolidated turnover of ₹3,582 Crore, EBITDA of ₹605 Crore, and a PAT of ₹268 Crore.

Harsh Pati Singhania, Chairman and Managing Director, attributed the lower profits to high wood costs and increased imports at lower prices, which pressured volumes and pricing in the Printing & Writing and Packaging Board segments.