JK Tyre Q3 Profit Jumps To Rs 230 Crore
Published On 22-Jan-2021 02:54:25
The company had posted a consolidated net profit of ₹10.27 crore in the third quarter of last fiscal.
JK Tyre & Industries Ltd on Thursday reported a multi-fold jump in consolidated net profit at ₹230.46 crore in the third quarter ended December 31, 2020.
The company had posted a consolidated net profit of ₹10.27 crore in the third quarter of last fiscal. Revenue from operations grew to ₹2,769.28 crore against ₹2,199.80 crore.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director, said, “JK Tyre turned out an excellent performance in Q3 - in terms of Sales and Profitability. This was largely driven by the increased demand for Passenger, Commercial vehicle as well as Farm tyres. Continued focus on improvement in operating efficiencies and reduction in interest costs, contributed to improved profitability.”
Dr Singhania added “All nine, JK Tyre plants in India, operated at close to 96% capacity utilization during Q3. It is a matter of satisfaction that some of the plants have achieved certain global benchmark operating parameters.”
Cavendish Industries Ltd, a JK Tyre subsidiary, also achieved capacity utilisation of nearly 95 per cent at its three plants. It had sales of ₹788 crore, the company said.
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Besides, the Company’s subsidiary in Mexico - JK Tornel, continued to perform well, marked by a significant improvement in Sales and Profitability. The Company foresees a sustained Sales and Profitability during the coming period, it further added.