Higher sales volume and improved NSR aided net sales growth Despite challenging business environment, JK Paper's sales volume was at 104,841MT, a growth of 32% YoY. The company reported NSR improvement of 7% YoY to Rs63,029/MT led by higher packaging board and coated paper prices. Sirpur plant has gained traction during Q1FY22 and it would reach at 100% capacity expansion by Q4FY22E or Q1FY23E. Packaging board unit will be operational in Q3FY21E and would have meaningful contribution to net sales in FY23E. Operating leverage and cost cutting led to robust EBITDA margin expansion...