JK Paper Ltd.'s Q4FY21 result was beat to our estimates on key parameters. The company reported another quarter of an all-round performance aided by higher volume as well as improved net sales realization. Net sales increased by 22.1% YoY to Rs8,982mn, while EBITDA came in at Rs2,284mn, up by 29.4% YoY. It reported net profit of Rs1,361mn, a healthy growth of 46.8% over Q4FY20. The management's prudent strategies on price hike and focus on increasing sales volume led to outperformance despite challenging business environment. The global softwood pulp prices are still holding up at ~USD800/MT mark, which gives us confidence that the domestic paper prices are bound to increase once...