JK Tyre net profit jumps 24% with higher operating margins

Udaipur : Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its unaudited financial results for third quarter of FY2023.

On a consolidated basis, it recorded a Net Revenues of Rs.3623 Crores, while Profit After Tax was Rs.67 Crores and the Profit before Tax was Rs.113 crores.

Commenting.

Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “We continued to maintain our profitability growth in yet another quarter with strong performance across the segments with double digit revenue growth. Our profit margins improved, supported by softening in raw material prices, continued focus on cost control and timely price revisions. Going forward, we believe, tyre industry is set to witness healthy demand in the domestic market emanating from improved vehicle utilization and thrust on infrastructural development.”  

Cavendish Industries Ltd. and JK Tornel, Mexico, subsidiaries of the company continue to contribute well, to the robust growth of the company.

He further added “We are committed to bring in best-in-class products to cater to diverse market segments, operational excellence, and continue to deliver improved performance”