JK Tyre Net Profit Jumps To Rs 167.7 Crore In Q2
Published On 01-Nov-2019 04:01:17
Consolidated revenue from operations throughout the second quarter reached Rs 2,154.95 crore compared to Rs 2,493.76 crore
JK Tyre & Industries on Wednesday reported an incline in combined net profit to Rs 167.70 crore propelled by gains in the September quarter from deferred tax liability. In the same previous fiscal, the brand posted a net profit of Rs 45.78 crore. In addition to that, the combined revenue from operations throughout the second quarter reached Rs 2,154.95 crore compared to Rs 2,493.76 crore in the period in the preceding year, dropping 13.59 per cent.
The company announced while the period was under review that it had re-evaluated deferred tax Liability at 25.17 per cent compared to 34.94 per cent in the preceding year following a decline in the corporate tax rate to 22 per cent, which was declared by the government.
The Chairman & Managing Director of the Company, Raghupati Singhania said "Indian economy, more particularly the Auto Industry, is passing through challenging times. Production for both passenger and commercial vehicles has been cut drastically during the quarter gone by. The Company is navigating through these difficult times by focusing on all-round cost reduction on the one hand, and a renewed focus on exports on the other."
In the two or three-wheeler tyre segment, JK Tyre & Industries has posted an extraordinary 20 per cent boost in sales in the current quarter, if compared to the earlier quarter, even though it is a fresh competitor in this segment, added Singhania.