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New Delhi, May 17 (PTI) Riding on the back of low input costs and a growing demand, JK Paper today reported an 80 per cent jump in net profit at Rs 27.1 crore for the March quarter over Rs 15.08 crore in the year-ago period. During the quarter, it reported a 12.5 per cent rise in its net sales at Rs 294.21 crore over Rs 268.20 crore in the corresponding quarter, JK Paper said in a statement. "We had anticipated a surge in pulp cost and so we made strategic purchases of the raw material.This move has resulted in a better profitability for the quarter," JK Paper managing director Harsh Pati Singhania told reporters today. He said, the company has also benefited from the growing demand for paper in the country as it resulted into strong volume growth. For the financial year ended on March, 31, net profit jumped over twofolds to Rs 91.03 crore from Rs 38.01 crore in the previous year, while sales stood at Rs 1,105.53 crore as against Rs 1,077.18 crore, a rise of 2.63 per cent. "The higher growth in profit was mainly due to increased capacity utilisation across all production lines, sales of more value-added products in the packaging board segment and strategic purchase of pulp at lower prices," Singhania said. The company''s board has recommended a dividend of Rs 2 per share or 20 per cent for the fiscal. JK paper did not issue any guidance for the current fiscal but said it expects growth momentum to continue. Speaking about the proposed Rs 1,500-crore expansion plan, he said the company will take a final decision on location and fund raising in few months. "We will most likely go for debt and equity in 60:40 ratio to raise the funds," he added. Shares of JK Paper today closed at Rs 55.45 on BSE, up 1.09 per cent from its previous close.
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