JK TYRE Q1 PROFIT UP BY 113%
Rs. / Crores
1952 ← Turnover → 1676
301 ← Operating Profit → 260
183 ← Profit Before Tax → 159
118 ← Profit After Tax → 105
New Delhi, August 4, 2015: JK Tyre & Industries Ltd. (JKTIL) reported a consolidated net profit of Rs.118 Crores for the 1st quarter ended 30th June 2015, up 113% from Rs. 55 Crores in the corresponding quarter. The company achieved a consolidated turnover of Rs. 1952 Crores. On a standalone basis, JK Tyre reported a turnover of Rs. 1676 Crores with an Operating Profit at Rs. 260 Crores, an increase of 56% over the corresponding quarter.
Commenting on the results, Dr Raghupati Singhania, Chairman & Managing Director said, “JK Tyre continues to realize value by enriching its product mix and offering new technologically advanced products to the consumers across the product categories”. Commenting on the issue of dumping of tyres by Chinese manufacturers, he said, “The menace of dumping of Chinese tyres is unabated and urgent steps are required to impose Anti Dumping Duty to ensure level playing field in the market place.”
JK Tyre & Industries Ltd launched its highly advanced SUV multi-terrain tyres - RANGER. This is to address the demand emanating from one of the fastest growing segment of the Indian Auto Industry. JK Tyre will also be exporting these new range of tyres.
The 'long-term issuer ratings' of JK Tyre & Industries Ltd. were upgraded by the rating agency Ind-Ra to ‘IND AA- from ‘IND A+’. The improved ratings reiterate JK Tyre’s stable fundamentals and the company’s strong growth in the truck & bus radial (TBR) segment in FY15. This comes on the back of the company’s substantial investments to expand its capacities of both Truck/Bus Radials and Passenger Line Radials and also support expansion of product portfolio with addition of new range in different tyre categories in the near future.
JK Tornel, Mexico continues to perform well and has added to both the top and bottom line of JK Tyre.