AgciesJK Tire Industries reported a 23% drop in net profit for the second quarter ended September 30, 2022 with an investment of Rs 500 million.

JK Tire Industries plans to invest 1,100 crore over the next two years To meet the surging consumer demand in the rural and urban-rural markets during the festive season, Rs. 500 crore has been spent on expanding the production capacity.

JK Tire Industries President (India) (India) Anuj Kathuria “Growth in international markets may slow down due to the uncertainty prevailing in the world, but demand is strong here. Festivals have boosted sales, especially in rural and urban-rural markets.” Said. We plan to increase production levels as the rainy season normalizes and the rural economy recovers.

Caturia said the company’s production facilities were operating at “good” utilization rates. Investments are being made to increase the production capacity of passenger cars and trucks and buses in the two years up to the end of the fiscal year 2024. The company achieved this target last year,” he said. Measures have been taken to increase production efficiency. The production capacity is now being increased to meet the future demand.” .

JK Tire Industries reported a 23% decline in net profit at Rs 500 crore for the second quarter ended September 30, 2022. However, the company’s operating margins improved to Rs 37.64 billion during the period under review as compared to Rs 29.98 billion in the second quarter of FY 2022 due to improved market conditions in overall revenues.

The company expects domestic market demand to remain strong. The burden of unprecedented rise in raw material prices over the last seven quarters is also expected to ease due to improved economic activity and increased spending on government infrastructure projects. JK Tire CFO Sanje “Some raw materials are on a downward trend while others have remained stable,” Aggarwal said. Europe and the US will remain stable in the coming months. Taking it slow. Aggarwal is optimistic that the domestic market will grow at a faster pace in the second half of the year and make up for the weakness in the international business.