Udaipur: Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its unaudited results for second quarter of FY2023.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre has delivered another quarter of highest ever revenues at Rs.3,764 crore, up by 26% on y-o-y basis. Our strong presence in the OEM and strength of our innovative, high performance, diversified product portfolio and high brand imagery. Operating margins have somewhat improved due to better market conditions”. The Ebitda during this period stood at Rs 305 crore and Profit before tax was Rs 74 crore.
We continue to achieve robust growth in domestic volumes across products, i.e., commercial and passenger tyre segments. During the quarter, OEM offtake improved post-easing in semi-conductor supplies, festive season and good traction in economic activities. Furthermore, exports continue to contribute significantly to our revenue growth, despite an increasingly challenging geo-political and economic situation. We are confident that our product performance and distribution network will enable us to sustain this growth in exports.
Cavendish Industries Ltd. and JK Tornel, Mexico, subsidiaries of the company have contributed well, to the overall growth of the company.
He further added “We believe domestic demand shall continue to grow on the strength of improved economic activities, sustained focus of government on infrastructural spends and making India an integral part of global value chain.