JK Tyre Q4 Result: Net Profit Rises To 195 Crore

For the fiscal 2020-21, profit after tax grew more than two-folds to Rs 330.93 crore over Rs 141.31 crore in FY20.

JK Tyre and Industries has reported a consolidated profit after tax of Rs 194.96 crore for the quarter ending March against a consolidated loss of Rs 52.78 crore in the year-ago period.

Revenue from operations in the quarter under review rose by 63.21 per cent to Rs 2,927.28 crore compared to Rs 1,792.56 crore in Q4FY20, the company said.

For the fiscal 2020-21, profit after tax grew more than two-folds to Rs 330.93 crore over Rs 141.31 crore in FY20.

The revenue from operations in the previous fiscal grew 4.35 per cent to Rs 9,102.20 crore against 8,722.70 crore logged in the year ended March 31, 2020.

Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “The year began with India in lockdown due to COVID-19 pandemic and the economy grinding to a halt with Q1FY21 almost a wash out.  Economy started opening up gradually from mid-May. As a result of several initiatives taken JK Tyre recovered fast and achieved highest Sales in Q3FY21 & Q4FY21 increasing its market presence.

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“With high capacity utilization, control on costs and reduced working capital, special focus on customer outreach and  premium products offering, profitability improved significantly.  Similarly, JK Tyre subsidiaries - Cavendish Industries and JK Tornel also added to substantial overall improvement in the profitability of the Company.”

Dr. Singhania further said, “JK TYRE is fully geared to face challenges emanating from rising raw material prices and prevailing lockdowns under second wave of novel virus.”

“Despite these headwinds, the Company expects to continue capturing opportunities that are arising in this new environment in India and abroad,” he further commented.

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