JK Tyre Reports Net Loss Of Rs 53 Cr In Q4
Published On 24-Jun-2020
The company had posted a net profit of Rs 33.66 crore for January-March period of 2018-19
JK Tyre & Industries has reported a consolidated net loss of Rs 52 crore in Q4 March 2020 compared with a net profit of Rs 33.66 crore in Q4 March 2019.
Revenue from operations declined to Rs 1,794.76 crore for the fourth quarter as against Rs 2,703.71 crore in the same period of 2018-19, JK Tyre and Industries said in a regulatory filing.
For 2019-20 fiscal, the company reported a net profit of Rs 141.31 crore as compared with Rs 170.57 crore in 2018-19, it added.
Revenue from operations in FY20 declined to Rs 8,724.9 crore as compared with Rs 10,367.76 crore in 2018-19.
Also Read: JK Tyre Launches Operations In The US
JK Tyre Industries manufactures a wide range of automobile tyres, tubes and flaps. The company also operates a chain of tyre outlets across the country which sell the company's tyres in addition to providing a range of automotive services, including wheel alignment and tyre changing.
The company, recently, also announced launch of its US operations. It has setup a new entity – Western Tires, INC, based in Houston, Texas and plans to focus on sales, service, and network expansion.