JK Tyre & Industries’ consolidated net profit more than tripled year-on-year (y-o-y) to ₹159.34 crore for the first quarter ended June 30, compared to ₹33.87 crore in the corresponding period last year.
Total income of the company grew two per cent y-o-y to ₹3,726.41 crore during the April-June quarter, against ₹3,726.41 crore in the same period last year.
“Financial year 2024 started on a positive note, in terms of better profitability, as a result of our continued focus on premiumisation of the product mix, indeed aided by stable input costs,” said Raghupati Singhania, Chairman and Managing Director, JK Tyre.
He said the company was witnessing buoyancy in demand in the replacement and original equipment manufacturer (OEM) segments across product categories, driven by healthy macro-economic environment.
“Export demand is also expected to revive in the coming months. With good monsoon, continuing thrust on infrastructure and festive season coming ahead, we remain optimistic on demand for tyres,” he said.
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JK Tyre’s subsidiaries, Cavendish Industries and JK Tornel, Mexico, also continued to perform well, with healthy contribution to company’s overall revenues and profitability, said Singhania.
“We are confident that India’s growth story will provide us tremendous opportunities and we are aligning our strategies to pave the way for an accelerated growth in years ahead,” he added.
The company’s shares closed at ₹283 apiece on the BSE on Friday, up 6.73 per cent from the previous close.