J K Tyre net profit grows by 24%
NEW DELHI: Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) on Tuesday announced its Q2 results. Net sales at Rs 2,548 crore grew by 23 per cent. Operating profit at Rs 317 crores recorded an increase of 54 per cent. PBT for the quarter is Rs 68 crore on a consolidated basis. On a standalone basis, JK Tyre recorded 24 per cent higher net sales at Rs1,997 crores.
Dr Raghupati Singhania, Chairman & Managing Director of JK Tyre said, "Buoyancy in demand continued in Q2 which has helped the Company achieve a good growth in Sales. JK Tyre has achieved higher sales volumes across categories including Truck/Bus Radial segment where we enjoy leadership position".
He further added, "Increasing oil prices and rupee depreciation impacted raw material costs and continues to remain an area of concern".
Dr Singhania further emphasized, "Encouraged by increasing radialisation in the fast growing Truck/Bus Radial segment, Cavendish Industries Ltd. (CIL), a subsidiary of JK Tyre has undertaken further expansion of its Truck/Bus Radial tyre capacity. This will further strengthen our leadership in this important segment. Furthermore, Tractor tyre capacity is also being expanded to meet the growing demand from Agri Sector".
The Company has further strengthened and consolidated its position in 2/3 Wheeler Tyre segment.
Company's subsidiary namely JK Tornel, Mexico continues to perform well.