JK Tyre Q3 results: Net profit jumps 3-fold to Rs 227 crore

JK Tyre & Industries on Tuesday said its consolidated net profit surged over three-fold to Rs 227 crore for the third quarter ended on December 31, 2023, riding on the back of robust sales. The tyre major had reported a net profit of Rs 67 crore in the October-December quarter of last fiscal.

Revenue from operations rose to Rs 3,688 crore for the period under review as against Rs 3,613 crore in the year-ago period, JK Tyre & Industries said in a regulatory filing. The company's board declared an interim dividend of Re 1 per share having face value of Rs 2 per share, it added.

"We remain committed to achieving profitable growth centered on product premiumisation, volume expansion, and optimizing our product mix," JK Tyre Chairman and Managing Director Raghupati Singhania said.

The demand outlook remains optimistic, driven by the strong momentum in economic activity and positive consumer sentiments, across product categories, he added. The global demand scenario is still challenging due to geo-political disturbances affecting exports during the quarter, Singhania stated.

He noted that company's subsidiaries Cavendish Industries Ltd (CIL) and JK Tornel, Mexico helped in bolstering overall revenues and profitability. Singhania said the company has successfully raised Rs 500 crore by way of QIP in December 2023. Shares of the company ended 0.59 per cent up at Rs 535.35 apiece on the BSE.

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