India's JK Paper Q2 profit jumps aided by strong demand

BENGALURU (Reuters) - India's JK Paper Ltd on Wednesday reported a second-quarter profit that nearly tripled, helped by strong demand for its packaging boards and copier papers.

Indian offices have in recent months brought back work-from-office policies or hybrid arrangements and schools have also reopened, pushing up demand for paper products, along with a rise in packaging products sales. Consolidated net profit after tax rose 174% to 3.24 billion Indian rupees ($39.16 million) for the three months ended Sept.30, from 1.18 billion rupees, a year earlier. Total income rose nearly 73% to 16.92 billion rupees.

"The company was able to deliver an improved performance, driven by ramp up of new packaging board capacity," Managing Director Harsh Pati Singhania said in a statement. As of last close, JK Paper shares had jumped 104.2% this year.

($1 = 82.7300 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Shailesh Kuber)