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Our Bureau

New Delhi, Nov. 1

On the back of rising demand for tyres, JK Tyre and Industries has posted a net profit of Rs 59.5 crore for the quarter ended September 30.

The company had recorded a net loss of Rs 32.37 crore in the corresponding period last year.

Net sales during the quarter were up 7.7 per cent to Rs 937.7 crore, from Rs 870.76 crore last year.

Attributing the turnaround to better cost management and operating efficiencies, Mr Raghupati Singhania, Vice-Chairman and Managing Director, JK Tyre, said, “Our operating profit has improved to 14.6 per cent compared with 0.6 per cent for the corresponding period last year.

“Our expansions are well on course. OTR tyre and car radial expansion projects shall be completed as per schedule early next year.”

He added that the company’s plans for further increasing the TBR capacity from eight lakh tyres to 12 lakh tyres, and adding a 25-lakh tyres capacity for passenger car radials are also progressing well.

“The new site selection is expected to be completed shortly and construction of a new plant shall begin thereafter,” he said.

More Stories on : Tyres

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