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IDBI Capital Report
JK Paper Ltd.’s Q1 FY23 result was beat to our estimates on key parameters. The company’s robust sales volume growth coupled with improved net sales realisation led to impressive sales growth.
Net sales increased by 116.4% YoY to Rs 14,302 million. Ebitda came in at Rs 4,231 million, up by 122.3% YoY, while Ebitda margin was marginally up by 80 basis points YoY to 29.6%.
Net profit for the quarter was Rs 2,642 million, up by 153.4% YoY. Our interaction with the management suggests that demand outlook remains robust and elevated raw material prices to support NSR in near term.
JK Paper will further ramp up capacity utilization at Sirpur and packaging plant. We have revised our earnings estimates upwards to factor in robust Q1 FY23 result and positive outlook.
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