JK Tyre shares jump 11% after strong Q4 results, dividend announcement

JK Tyre share price today NSE, JK Tyre Q4 results: JK Tyre & Industries hogged the limelight on Wednesday, May 22, a day after the tyre major posted a 54 per cent jump in the March quarter on account of higher sales. JK Tyre stock rose as much as 10.55 per cent to the day's high of Rs 447.2 on NSE in opening deals. The counter closed 4.77 per cent lower at Rs 423.8 on NSE.

JK Tyre Q4 results 

On Tuesday, JK Tyre said its consolidated net profit increased 54 per cent to Rs 172 crore for the fourth quarter ended March 31, 2024. Total income rose to Rs 3,714 crore for the fourth quarter as compared with Rs 3,645 crore in the year-ago period.

For the full year ended March 31, 2024, the tyre maker posted a net profit of Rs 811 crore, a three-fold jump, as against Rs 265 crore in FY23.

Total income rose to Rs 15,046 crore for the last fiscal as compared with Rs 14,681 crore in FY23.The company said it achieved highest-ever sales and profits during FY24.

Management Commentary 

"This performance is attributed to our continued focus on product premiumisation, widening market reach and tech enabled manufacturing and digitalisation across operations achieving better efficiencies," JK Tyre Chairman and MD Raghupati Singhania said.

Moreover, the company's strategic initiatives to fortify its balance sheet through equity infusion yielded fruitful results, reinforcing financial resilience, he added.

Singhania noted that the company's profit of Rs 811 crore last fiscal is after making provisions of Rs 106 crore for liability towards 'Extended Producer's Responsibility' imposed by the government on the tyre industry. Read more

JK Tyre dividend 2024 

JK Tyre has recommended a dividend of Rs 4.5 per share of Re 1 each for the financial year ended March 31, 2024.

(with PTI inputs)

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