New Delhi: JK Tyres & Industries Thursday reported a 76.6 per cent decline in consolidated net profit at Rs 53.92 crore for the third quarter ended Dec 31, 2021.
The company had posted net profit of Rs 230.46 crore in the corresponding period of last financial year.
Revenues from operations in the period under consideration rose 11 per cent to Rs 3076.03 crore.
Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre recorded in Q3, the highest ever quarterly sales. Exports contributed significantly to the top line.”
The company’s subsidiaries – Cavendish Industries and JK Tornel, Mexico made significant contribution to the revenues. JK Tornel, Mexico achieved 100 per cent sales growth during the first 9 months of the fiscal. Operating margins also improved considerably, the company said in a statement.
“We are optimistic on the outlook of the tyre industry and believe there will be good demand growth across all market segments given the expected economic activity going forward and the waning effect of the pandemic”, Singhania informed.
He further added the unabated increase in input costs could be partially offset by some price increases. “We intend to increase selling prices again to neutralize the impact further”, he said.
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