Companies

JK Tyre Q1 profit plunge s despite rise in revenue

New Delhi | Updated on August 02, 2019 Published on August 01, 2019

Raghupati Singhania, Chairman and Managing Director, JK Tyre. File Photo   -  BusinessLine

JK Tyre & Industries Ltd has reported a consolidated net profit of ₹16 crore for Q1 FY20, down 75 per cent from ₹64 crore in the corresponding period last year.

However, revenue from operations grew 6 per cent YoY to ₹2,575 crore (₹2,439 crore).

“It was a difficult quarter for the auto industry, which is passing through challenging times. The quarter witnessed considerable de-growth in auto sales. Most of the manufacturers have reported heavy reduction in their sales volumes,” Raghupati Singhania, Chairman and Managing Director, JK Tyre, said on Thursday.

Shares of JK Tyre closed at ₹71.35 on the BSE on Thursday, up 0.78 per cent from yesterday.

Published on August 01, 2019
This article is closed for comments.
Please Email the Editor