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JK Tyre Q2 net profit surges

JK Tyre Q2 net profit surges

JK Tyre’s net profits for the second quarter ended September 30 surged to Rs 46 crore from a net profit of Rs 10 crore during the same period of the previous fiscal.

Net sales rose by 23% to Rs 2,548 crore for the second quarter, as against Rs 2,068 crore during the same period of the previous fiscal.

“Buoyancy in demand continued in second quarter which has helped the company to 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,” JK Tyre Chairman and Managing Director Raghupati Singhania said.

He, however, added that increasing oil prices and rupee depreciation impacted raw material costs and continue 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.

 

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