JK TYRE Q3 FY2013-14 49% profit increase
JK Tyre & Industries Ltd., Board of Directors today approved the Companyâ€™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 â€“ 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%
Dr Raghupati Singhania, Chairman & Managing Director of the Company commenting on the results said, â€śthe 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 Exportsâ€ť.
Dr Singhania further added, â€śthat JK Tornel, Mexico continues to perform well which has added to the bottom line of JK Tyreâ€ť.
Improved performance is also attributed to focus towards innovation. As such, JK Tyre constantly tries to introduce products aligned to customer needs.