JK Tyre reports 16% higher sales in Q3 FY18
JK Tyre & Industries has reported net sales of Rs 21.35 billion for the third quarter of 2017-18, 16% higher than the same period a year ago. The company recorded a 22% higher net sales at Rs 17.44 billion on a standalone basis during the same period.
“JK Tyre has successfully made deeper inroads in the market with a substantial increase in its sales both on consolidated as well as a standalone basis. The company continues to enjoy the leadership position in truck/bus radials apart from mustering higher volumes across all segments,” said Dr Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Limited.
“The imposition of anti-dumping duty on cheap Chinese truck/bus radial tyres is a welcome step and will further help to enhance volumes. A labour restructuring was successfully completed at Tornel, Mexico, which impacted the operations during the quarter, however, will give rich dividends in the coming period,” the company said.