JK TYRE Q3 FY2013-14 49% profit increase

JK Tyre & Industries Ltd., Board of Directors today approved the Company’s financial results for Q3 of 2013-14. Here’s a brief of Q3 Consolidated financial performance: Operating Profit at Rs.189 Crores, an increase of 18% over the corresponding Qtr. Turnover Rs.1869 crores for the quarter. Profit Before Tax at Rs.85 Crores against Rs.57 Crores – an increase of 49% over corresponding Qtr.
Net profit at Rs.59 Crores, an increase of 56%.

9 months consolidated performance (April 2013 – Dec 2013) highlights: Operating Profit at Rs.643 Crores, an increase of 37% over the corresponding period. Turnover Rs.5863 Crores for the 9 months period. Profit Before Tax at Rs.255 Crores as against Rs.170 Crores for corresponding period – an increase of 51%. Net profit at Rs.180 Crores – an increase of 46%

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Dr Raghupati Singhania, Chairman & Managing Director of the Company commenting on the results said, “the Company has performed well during the Qtr despite a subdued demand for tyres. Indian Automobile industry is passing through a difficult phase as both Passenger Cars and Commercial vehicles registered a negative growth. JK Tyre has been able to face these challenging times with its leadership in Truck/Bus radials with highest market share in India and focus on new product introductions in the market and widening customer base. Special efforts have been made to increase Exports”.

Dr Singhania further added, “that JK Tornel, Mexico continues to perform well which has added to the bottom line of JK Tyre”.

Improved performance is also attributed to focus towards innovation. As such, JK Tyre constantly tries to introduce products aligned to customer needs.