JK Paper Ltd.'s Q4FY20 result was higher on net sales/EBITDA front, while PAT came in-line with our estimates. Net sales declined by 9.5% YoY to Rs7,302 mn. EBITDA came in at Rs1,817 mn, down by 17% YoY, while EBITDA margin eroded by 220bps over Q4FY19 to 24.9%. The company reported net profit of Rs914 mn, down by 18.6% YoY. For full year, the company reported net sales of Rs30.6bn, down by 6% YoY. EBITDA came in at Rs8.7bn, up by 0.4%, while EBITDA margin improved by 180bps to 28.5% over FY19. JK's total PAT stood at Rs4.6bn, a healthy growth of 10.2% YoY. COVID-19 would have a long term impact on sales volume led by closure of plants and...