Q1 Result: JK Tyre Post Net Profit Of Rs 44 Crore
Published On 10-Aug-2021 10:09:05
Company had posted a net loss of Rs 204.17 crore in the corresponding period of the last financial year.
Homegrown tyre major, JK Tyre & Industries has posted a consolidated net profit of Rs Rs 44.14 crore for the first quarter ended June 30, 2021.
The company had posted a net loss of Rs 204.17 crore in the corresponding period of the last financial year.
Revenues from operations in the period under review increased 130 per cent to Rs 2608.44 crore, compared to Rs 1130.80 crore registered in the year-ago period.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “The first quarter of this fiscal year started on a subdued note due to resurgence of second wave of the pandemic and lockdowns, which impacted demand. Despite these challenging market conditions, we achieved encouraging growth in revenues and profitability.”
“With the rising input costs, operating margins were impacted. Nonetheless, we are taking judicious price increase across product categories. The Company continued to focus on replacement and export sales. At the same time relationship with OEMs are being expanded and strengthened.”
“We expect improved market conditions, emanating from higher inoculation levels and sharp recovery in economic activities, which is likely to improve sale in both replacement and OEM segments. Going forward we are optimistic and expect a healthy growth of the industry.”
Dr. Singhania further added that, “the Company continues to give utmost primacy to the well-being and safety of its employees, business partners and society. In this direction, we have launched an initiative “JK Cares” program, to support the family of employees, who lost their lives during the pandemic on three fronts – financial, educational and health insurance.”
Looking for new tyres? Find dealers near you