JK Tyre and Industries Ltd. has disclosed its Q2 financial report. The company has reported a growth of 55 per cent from the corresponding quarter’s profit of Rs 76 crores. This time, the consolidated net profit has reached Rs 118 crore for Q2 ending September 30, 2015.
The company has been able to achieve a consolidated turnover of Rs 1986 crore. Even if we consider this on a standalone basis, JK Tyre reported a turnover of Rs 1682 crore with an operating profit of Rs 267 crore, a growth of 41 per cent over the corresponding quarter of 2014.
Dr Raghupati Singhania, Chairman & Managing Director of JK Tyre, said, “The Company continues to improve its operational performance despite the challenges of unbridled cheap Chinese imports and slow pick-up of auto industry. The expected revival of tyre demand augurs well for the company.”
He added, “JK Tyre has executed a binding term sheet for the acquisition of Laksar unit of Kesoram Industries Limited (KIL) and the process is expected to be completed in couple of months subject to regulatory formalities. This will further strengthen the company’s leadership position including its strategic entry into the fast growing 2/3-wheeler tyre segment.”
JK Tyre’s efforts to achieve excellence in product innovation and consumer satisfaction have been recognised by several organisations. The company was awarded ‘Brand of the year’ title by World Branding Forum in the Tyre’s category. The company was also honoured by Tata Motors, at its Vendor Conference held in Pune, for being its Best Supplier of the Year. Moreover, JK Tyre also received the 2015 Silver Level Certification in its supplier Quality Excellence Process by Caterpillar.
JK Tornel in Mexico also continues to perform well and JK Tyre has added both top and bottom line-up of its tyres in JK Tornel’s portfolio.