Shares of JK Paper Ltd on Thursday tanked 8 per cent after the company reported a decline of 51 per cent in its consolidated net profit for the third quarter ended December.
The company’s stock opened the day on a lower note and further declined 7.36 per cent to ₹117 on the BSE. At the NSE, it plunged 8 per cent to ₹116.
JK Paper Ltd on Wednesday reported a decline of 51 per cent in its consolidated net profit at ₹64.59 crore for the December quarter. The company had posted a net profit of ₹131.85 crore in the year-ago period, JK Paper said in a regulatory filing.
Its total income was down 9.28 per cent to ₹770.45 crore during the period under review, as against ₹849.25 crore in the corresponding period of the last fiscal, the company said.
Total expenses of JK Paper, maker of branded copier paper, coated paper and packaging boards, was at ₹667.45 crore in the period under review, as against ₹660.89 crore a year ago.
The company’s performance on a consolidated basis was impacted by a temporary stoppage of production at the Sirpur Paper Mills, a step-down subsidiary, due to unfavourable market conditions, JK Paper said. The production has since been resumed.