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New Delhi, July 24 J K Tyres and Industries maintained the same level of net profit, despite increasing raw material costs, at Rs 20.2 crore for the third quarter ended June 2008 as against Rs 20.1 crore in the same quarter last year, mainly on account of strong sales.

The company said the profits remained flat due to the higher tax liability. “Till last year, we were a Minimum Alternative Tax paying company. Now we are a full tax paying entity. So the Rs 10.5 crore tax burden has led to our net profits appearing stagnant,” the company President, Mr Arun Bajoria, told Business Line.

However, he said that with operational efficiencies and cost cutting measures, the company’s operating profit has risen by 7 per cent to Rs 77.7 crore during the quarter, as against Rs 72.5 crore.

The company’s net sales surged 15 per cent to Rs 849 crore during the quarter, up from Rs 721.6 crore in the same period last year.

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