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JK Tyre & Industries (JK Tyre) on Thursday reported a multifold increase in net profit for third quarter ended December 31 at ₹230.46 crore as compared to net profit of ₹10.27 crore in the corresponding period in previous year.
For the quarter under review, Income from operations grew 26 per cent year-on-year (YoY) to ₹2,769.28 crore (₹2,199.80 crore).
“JK Tyre turned out an excellent performance in the third quarter - in terms of sales and profitability. This was largely driven by the increased demand for passenger, commercial vehicle as well as farm tyres. Continued focus on improvement in operating efficiencies and reduction in interest costs, contributed to improved profitability,” Raghupati Singhania, Chairman and Managing Director, JK Tyre said in a statement.
He said that all nine JK Tyre plants in India operated at close to 96 per cent capacity utilisation during the third quarter.
“It is a matter of satisfaction that some of the plants have achieved certain global benchmark operating parameters,” he added.
Cavendish Industries, a JK Tyre subsidiary, also recorded better performance during the quarter. Besides, the Company’s subsidiary in Mexico - JK Tornel, continued to perform well, marked by a significant improvement in sales and profitability, the statement added.
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