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A JK Tire source said, “We expect the demand momentum in the tire industry to continue in the medium to long term and the automotive sector is expected to grow even in a positive economic environment.” In an interaction with PTI, Anss human Singhania, Managing Director, JK Tire Anstris, expressed hope that PTI will maintain its growth momentum in terms of revenue and profitability.

The company’s consolidated net profit tripled to Rs 227 crore in the third quarter ended December 2023.

The operating profit increased to Rs 3,688 crore in October-December as against Rs 3,613 crore in the same period last year.

Singhania said, “We are very optimistic about medium to long term demand and the cycle of capital expenditure in the private sector is really starting to rise.”

He added that rising disposable incomes have brought about positive buying sentiment.

Singhania said, “Overall, we think the economy is going to hold up well over the next few years, so the automotive sector and our industry should do well.”

He also explained that the company is expanding its production capacity to meet the growing demand.

Singhania He said, “The capacity expansion project announced last year is coming to an end. We have also announced further expansion in two years and further expansion in 2026 will be completed by the end of the financial year.”

“So this will certainly continue our revenue and profit growth momentum,” he added.

Asked if the industry is taking steps to work with farmers to reduce rubber imports, Singhania said the four companies are working with rubber growers in the northeast.

He added that these companies are aiming to invest 110 Rs 200 crore in the Northeast to cultivate 20 lakh hectares of land.

Singhania The scheme will benefit about 2.5 lakh farmers, the scheme said. The scheme will benefit about 2.5 lakh farmers.

2024 Prime Minister Narendra Modi, while addressing the Bharat Mobile Global Expo, asked the tire industry to work with farmers to reduce dependence on rubber imports.