JK Tyres & Industries Ltd posted a 23.43 per cent dip in consolidated net profit for the quarter ended September 30, 2022.
The tyre industry major reported ₹49-crore net profit against ₹64 crore clocked during the same quarter last year. However, net profit increased by 45.45 per cent from ₹33 crore net posted in the June quarter.
Revenue from operations grew 25.59 per cent to ₹3,764 crore (₹2,997 crore). However, it grew 3.15 per cent from ₹3,649-cr revenue clocked for the quarter ended June.
“JK Tyre has delivered another quarter of highest-ever revenues at ₹3,764 crore, up by 26 per cent on a year-on-year basis due to strong presence in the OEM and on strength of our innovative, high performance, diversified product portfolio and high brand imagery. Operating margins have somewhat improved due to better market conditions. We believe domestic demand shall continue to grow on the strength of improved economic activities, the sustained focus of government on infrastructural spending, and making India an integral part of global value chain,” said Raghupati Singhania, Chairman and Managing Director, JK Tyres and Industries Ltd.