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JK Tyre & Industries Ltd (JK Tyre) on Tuesday reported a consolidated net loss of ₹53 crore for the fourth quarter ended March 31, compared with net profit of ₹34 crore in the corresponding period last year.
Revenue from operations declined to ₹1,795 crore.(₹2,704 crore).Meanwhile, the company board has recommended a dividend of ₹0.70 per equity share of ₹2 each (35 per cent) for the financial year ended March 31. For FY-20, the company recorded net profit of ₹149 crore (net profit of ₹176 crore in FY-19).
“Tyre industry has been facing a downturn before the current pandemic, which further aggravated the situation posing unprecedented challenges. As a consequence, both the commercial and passenger segments have been severely impacted," Raghupati Singhania Chairman and Managing Director, JK Tyre, said. Despite this, the company posted higher sales in passenger car and 2-3 wheeler segments.
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