JK Tyre announces Q2 results - records 7% Consolidated Sales growth
HIGHLIGHTS Q2
CONSOLIDATED
Rs(in crores)
Net Sales -> 2058
Operating Profit -> 206
Profit Before Tax -> 12
Profit After Tax -> 10
New Delhi – 14th November 2017 : Tyre manufacturer JK Tyre & Industries Ltd (JKTIL) today announced the unaudited results for Q2, ended September 30, 2017, on a consolidated basis. Riding on better market sentiment following the GST rollout, the company registered a Net Sales of Rs. 2058 crore for the Quarter - an increase of 7% over the corresponding Qtr. On a standalone basis, JK Tyre recorded Net Sales of Rs.1604 Crore.
Dr Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries Ltd said "the results were an indication of the market that is showing signs of picking pace. JK Tyre has registered 11 % growth in sales over the corresponding Quarter, driving higher volumes across segments, including truck/bus tyres, where we maintained our leadership. However, considerably higher raw material prices as compared to the corresponding quarter have impacted profits".
He added that the imposition of anti-dumping duty on cheap Chinese Truck/Bus Radials, announced towards the end of the quarter, is a welcome step. This will help the company to muster higher volumes.
JK Tyre’s growth was driven by better demand in the passenger segment both for four as well as two wheelers. Good performance by JK Tornel in Mexico has added to the company’s overall financial performance.
The Government’s focus on roads and infrastructure, supported by affordable consumer financing, is likely to revive commercial vehicle sales which shall have a positive impact on commercial tyre sale in the coming period.
About JK Tyre:
Part of the JK Organisation, JK Tyre & Industries Ltd is a leading 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 automobile industry. JK Tyre is the only tyre manufacturer in India to be included in the list of Superbrand in 2017, the sixth time the honour has been conferred upon the company.
JK Tyre has global presence in 100 countries across six continents, backed by production support from 12 plants - 9 in India and 3 in Mexico. Currently, the capacity across all its plants is about 32 million tyres per annum. In April 2016 JK Tyre acquired Cavendish India Limited from Birla Tyres. While acquisition added three modern plants to its portfolio taking the total count to 12, it helped the tyre major foray into the two/three wheeler segment as well.
Pioneers of radial technology, JK Tyre produced the first radial tyre in 1977 and is currently the market leader in Truck Bus Radial segment. With over three decades of technological innovation, JK Tyre offers tyre for entire range of passenger and commercial vehicles, starting from a 3 kg two-wheeler tyre to a 3.5 ton OTR tyre.
JK Tyre & Industries Ltd has a strong network of 4000 dealers and over 250 dedicated outlets branded as Steel-Wheels & has over 30 Truck Wheels providing complete solutions to Truck Tyre customers.
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
|