CONSOLIDATED
Rs. / Crore
Turnover -> 1992
Operating Profit -> 271
Profit Before Tax -> 128
Profit After Tax -> 86
New Delhi, India |February 9, 2017 ::: Tyre Industry major, JK Tyre & Industries Ltd. (JKTIL) today announced Un-audited results for the Qtr. ended 31st December 2016, on a Consolidated basis. Turnover for the Qtr. was Rs.1992 Crores and PAT for the Qtr. was Rs.86 Crores
Commenting on the results, Dr Raghupati Singhania, Chairman & Managing Director of JK Tyre & Industries Ltd said, “JK Tyre continues to march ahead in the Indian tyre market recording higher volumes in all segments over the corresponding Qtr. and maintained its leadership in Truck/Bus Radials. The value of sales would have also registered an increase but, for the lower selling prices during the period”.
Uncertainty around GST impacted Commercial vehicle segment, whereas demonetisation hit 2/3 Wheeler tyre sales.
Unabated increase in the rubber and other raw material prices in the last few months continue to be an area of great concern and will remain a challenge for the tyre industry.We have no option but to revise the selling prices in view of the increasing costs.
Dr Singhania further said, "resolution of GST, phasing out of the demonetisation effect coupled with Govt's focus on roads & infrastructure, supported by cheaper consumer financing, is likely to revive commercial vehicle sales in the coming months".
During the Qtr., JK Tyre launched a premium 2/3 Wheeler tyre ‘BLAZE’ which has been well received and its volumes have been increasing month by month.
Dr Singhania further said, "recent budget did not address inverted duty structure as well as dumping of cheap Truck Radials from China. There is an urgent need for the Govt to impose Anti Dumping Duty on the unabated import of cheap Chinese tyres at the earliest".
The Company’s subsidiaries, JK Tornel in Mexico and Cavendish Industries Ltd. (erstwhile unit of Birla Tyre) are performing well.
About JK Tyre & Industries Limited:
Part of the JK Organisation, JK Tyre & Industries Ltd is a leading four-wheeler tyre manufacturer in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments in the four wheeler automobile industry.
JK Tyre has global presence in 100 countries across six continents with six plants in India and three in Mexico. Currently, the capacity across 9 plants exceeds 20 million tyres per annum. JK Tyre pioneered radial technology in India way back in 1977 and today is the leader in Truck Bus Radial segment. With over three decades of technological innovation, JK Tyre offers four wheeler tyres for the entire range - Truck/Bus, LCV, Passenger Cars, MUV and Tractors. The company is the manufacturer of India’s largest OTR Tyre weighing 3.7 tons and 12 feet high.
JK Tyre is a preferred supplier to the automotive Original Equipment Manufacturers and is a partner to some of the biggest names including Maruti Suzuki, Tata Motors, Honda, Ashok Leyland, Mahindra & Mahindra, Volvo Eicher, General Motors, Volkswagen, Fiat, Nissan, TAFE, BEML and Caterpillar India. JK Tyre has been ranked No.1 for the third time in the J.D. Power Asia Pacific’s study on Customer Satisfaction.
In India, its nationwide network comprises of 143 selling locations, 4,000 dealers and over 120 retail outlets branded 'JK Tyre Steel Wheels', which are equipped with state-of-the-art wheel servicing equipment. It has also established 17 Truck Radial Tyre Care centres, which operate along all major National Highways on 365 day, 24x7 basis. JK Tyre has established over 20 truck radial total solution showrooms branded “Truck Wheels”. It was the first to introduce unique concepts like “Dial-a-Tyre” and is the only tyre company to launch a 24x7 on-road tyre assistance initiative called “Fix-a-Tyre”.
JK Tyre actively promotes various disciplines of motorsports in India and has invested enormous resources towards building its infrastructure. The Racing and Karting programmes are the breeding ground for the country's young motorsport talent and JK Tyre prodigies like Karun Chandhok, Armaan Ebrahim and Aditya Patel have done India proud in the global arena.
For further information, please contact:
Mr A K Kinra
Finance Director
JK Tyre & Industries Ltd.
Patriot House, 3 Bahadur Shah Zafar Marg
New Delhi – 110 002
Phone: 011 – 30179110 / 2331 7753
Mr Sanjay Sharma
Head - Corporate Communications
JK Tyre & Industries Ltd.
Patriot House, 3 Bahadur Shah Zafar Marg
New Delhi – 110 002
Phone: 011 – 30179365