JK Tyre Q2 results: Net drops 41% YoY to Rs 65 crore_JK Tyre Q2 results: Net drops 41% YoY to Rs 65 crore

JK Tyre Q2 results: Net drops 41% YoY to Rs 65 crore

May 31, 2024

JK Tire Industries on Thursday announced a 41% decline in revenue and a net profit of Rs 64.96 crore for the second quarter ended September 30, 2021 due to higher investment costs. The company reported a net profit of Rs 109.68 crore in the same period last year.

Operating profit for the period under review increased by 31% to Rs 29,866.6 crore as compared to Rs 2,274.84 crore in the same period last year.

Raghupati Singhania, Chairman and President, said, “JK Tire sales continued to grow despite disruptions in the market segments. Alternative market sales showed healthy growth and institutional sales were strong during the quarter. “.” ” he said. Quarterly exports grew by 35%.

However, rising investment costs impacted operating profits. He added: “This can be partially mitigated by increasing volumes and selectively raising prices.” .

The company’s subsidiary Cavendish Industries continued to contribute to the revenue growth. Its Mexican subsidiary, JK Tornel, also performed well, with significantly higher revenues and profitability, the company said in a statement.

Singhania said the country’s good efforts in vaccinating its people have brought about an economic recovery, which bodes well for the future of the tire industry.

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