Results from JK Tyre & Industries’ First Quarter: Net Profit Increases By Over 4-Fold To Rs 159 Crore
JK Tyre & Industries said on Friday that its consolidated net profit for the first quarter ended June 30, 2023, increased by more than four times to Rs 158.59 crore.
JK Tyre & Industries said in a regulatory filing that the business recorded a consolidated net profit of Rs 35.13 crore for the same period of the previous year.
According to the statement, operating revenue came in at Rs 3,718.08 crore, up from Rs 3,643.03 crore in the same period last year.
Compared to the same time last year, total costs were lower at Rs 3,489.01 crore as opposed to Rs 3,557.97 crore.
According to Raghupati Singhania, chairman and managing director of JK Tyre & Industries, “the financial year 2024 has started on a positive note, in terms of better profitability as a result of our continued focus on premiumisation of the product mix, in fact helped by stable input costs.”
He said, “A solid macroeconomic climate is driving buoyancy in demand in the replacement and OEM markets across product categories. In the next months, export demand is also anticipated to increase.
According to Singhania, JK Tyre’s subsidiaries Cavendish Industries Ltd and JK Tornel, Mexico kept up their strong performance and made a significant contribution to the company’s total sales and profitability.
Regarding the future, he said, “We remain positive about demand for tires due to the favorable monsoon, ongoing focus on infrastructure, and the holiday season. We are coordinating our strategy to open the door for quicker development in the coming years because we are certain that India’s economic narrative will provide us with enormous possibilities.
