JK Tyre & Industries on Friday reported an over four-fold rise in consolidated net profit at Rs 158.59 crore for the first quarter ended June 30, 2023.
JK Tyre's revenue from operations was at Rs 3,718.08 crore as compared to Rs 3,643.03 crore in the year-ago quarter, it added
JK Tyre & Industries on Friday reported an over four-fold rise in consolidated net profit at Rs 158.59 crore for the first quarter ended June 30, 2023.
The company had posted a consolidated net profit of Rs 35.13 crore for the same period of the last fiscal, JK Tyre & Industries said in a regulatory filing.
Revenue from operations was at Rs 3,718.08 crore as compared to Rs 3,643.03 crore in the year-ago quarter, it added.
Total expenses were lower at Rs 3,489.01 crore as against Rs 3,557.97 crore in the same period a year ago.
"The financial year 2024 has started on a positive note, in terms of better profitability as a result of our continued focus on premiumisation of the product mix, indeed aided by stable input costs," JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said.
He further said, "We are witnessing buoyancy in demand in the replacement and OEM segments across product categories, driven by a healthy macro-economic environment. Export demand is also expected to revive in the coming months."
JK Tyre's subsidiaries Cavendish Industries Ltd and JK Tornel, Mexico continued to perform well, with a healthy contribution to the company's overall revenues and profitability, Singhania said.
On the outlook, he said, "With good monsoon, continuing thrust on infrastructure and festive season coming ahead, we remain optimistic on demand for tyres. We are confident that India's growth story will provide us tremendous opportunities and we are aligning our strategies to pave the way for accelerated growth in the years ahead."