JK Tyre Announced Increase in Consolidated Profit by 20 %
New Delhi, February 8, 2016: Announcement of the unaudited results for the quarter ending 31st December, 2015 (Q3 2015-2016) in which the Tyre major JK Tyres & Industries Ltd reported an increase in consolidated profit by 20 % over corresponding quarter of the previous financial year.
During Q3, on a consolidated level, JK Tyre reported a profit of Rs 111 Crore, with a turnover of Rs.1784 Crore. Also on a standalone basis, the Company clocked a turnover of Rs.1538 Crore with a profit of Rs.92 Crore, up by 31 % over the corresponding quarter of 2014-15.
“Despite challenging times amidst dumping and slow domestic markets JK Tyre delivered a satisfactory performance. Auto Industry saw some growth in passenger car segment, however commercial vehicle segment is still not out of the woods. Tyre Industry exports were hit primarily in the Middle East and South American markets” said Dr. Raghupati Singhania, Chairman & Managing Director of JK Tyre.
“The unabated dumping of Chinese tyres in the Indian market particularly in Truck/Bus segment is causing injury to the Industry as the capacity utilization is being impaired. It is hoped that the Government will urgently take necessary measures to arrest this indiscriminate imports of cheap Chinese tyres,” he added.
JK Tyre CMD expressed confidence that the opening up of the mining sector and boost to the infrastructure would see demand revival in the next fiscal.
Dr. Singhania also informed that 2016 would be a significant year for JK Tyre, as company is seriously contemplating entering the high growth 2/3 wheeler segment and become a formidable player.