JK Tyres & Industries on Monday reported 20.5 per cent increase in consolidated net profit at Rs 110.64 crore for the third quarter ended December 31, 2015.

The company had posted a consolidated net profit of Rs 91.81 crore in the same period last fiscal.

Net sales during the period under review stood at Rs 1,597.74 core as against Rs 1,825.76 crore in the same period a year ago, down 12.48 per cent, JK Tyres & Industries said in a BSE filing.

“Despite challenging times amidst dumping and slow domestic markets, JK Tyre delivered a satisfactory performance,” JK Tyre Chairman & Managing Director Raghupati Singhania said.

Auto industry saw some growth in passenger car segment, however commercial vehicle segment is still not out of the woods. Tyre Industry exports were hit primarily in the Middle East and South American markets, he added.

During the quarter under review, revenue from India stood at Rs 1,372.04 crore as against Rs 1,523.07 crore in the year-ago quarter.

Revenues from its other major market Mexico were at Rs 249.06 crore as against Rs 324.56 crore in the year-ago period.

Expressing concerns over “unabated dumping of Chinese tyres in the Indian market particularly in truck/bus segment”, Singhania said it is causing injury to the industry as the capacity utilization is being impaired.

“It is hoped that the government will urgently take necessary measures to arrest this indiscriminate imports of cheap Chinese tyres,” he added.

On the outlook, Singhania said opening up of mining sector and boost to the infrastructure would see demand revival in the next fiscal.

“2016 would be a significant year for JK Tyre as we are seriously contemplating entering the high growth 2/3 wheeler segment and become a formidable player,” he said.

Shares of JK Tyres & Industries ended the day at Rs 89.40 apiece, up 1.88 per cent from the previous close on BSE.

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