JK announces results; turnover of Rs 1,781-crore

JK Paper has announced a consolidated turnover of Rs 1,781.65-crore and PAT of Rs 235.11-crore for third quarter. The company declared an interim dividend of Rs 3.50 per equity share.

16 Feb 2024 | By Aditya Ghosalkar

JK is well-positioned to benefit from the shift from plastic to paper in the food packaging industry

The highlights of the JK Paper results in addition to a consolidated quarterly turnover of Rs 1,781.65-crore for third quarter in fiscal year 2024; is an EBITDA for the quarter stood at Rs 428.34-crore.

The company's PAT for the quarter was Rs 235.11-crore. While for the nine-month performance ended December 2023, the paper major recorded consolidated turnover of Rs 5,195.39-crore, EBITDA of Rs 1,426.42-crore, and PAT of Rs 846.13-crore.

During an AI-based chatbot conversation with investors, JK Paper said it is targeting Rs 1,000-crore turnover from the corrugated packaging business in 2024. To achieve this, a greenfield plant has been set up at Ludhiana. Also, the company acquired 85% stake in Horizon Packs and Securipax Packaging. The combination (organic and inorganic) of initiatives has graduated the company from no presence in this space to 3,20,000-TPA.

In addition there will be a greater focus on sustainability. As part of the FSC-FM certification, the certified coverage of total plantation coverage has increased from 27% to 63% at the JKPM unit and to 57% at its CPM unit over the period of last five years.

In the annual report for FY 22-23, Hari Singhania, chairman of JK Paper said, "The global shift to responsible eco-friendly packaging has led to a conscious decision to reconfigure our product mix in favour of packaging materials. We have expanded to 2,91,000-TPA or 38% of our capacity from a smaller presence, in just a year. The company expects to generate over Rs 2,000-crore turnover from this business in the current financial year, validating its entry into the space."

Readers of WhatPackaging? will recall that it acquired 100% equity shares of Manipal Utility Packaging Solutions.

Tags : JK Paper
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