JK Tyre’s profit increased by 55% in Q2 results
JK Tyre & Industries Ltd. (JK Tyre) reported a consolidated net profit of Rs.118 Crores for the 2nd quarter ended 30th September 2015, up by 55% from Rs. 76 Crores in the corresponding quarter. JK Tyre was able to achieve a consolidated turnover of Rs. 1986 Crores.
On a standalone basis, JK Tyre reported a turnover of Rs. 1682 Crores with an Operating Profit at Rs. 267 Crores, an increase of 41% over the corresponding quarter.
Commenting on the results, Dr Raghupati Singhania who is the Chairman & Managing Director said,
The Company continues to improve its operational performance despite the challenges of unbridled cheap Chinese imports and slow pick up of auto industry. The expected revival of tyre demand augurs well for the Company.
Mr Singhania also added,
JK Tyre has executed a binding term sheet for the acquisition of Laksar unit of Kesoram Industries Limited (KIL) and the process is expected to be completed in couple of months subject to regulatory formalities. This will further strengthen Company’s leadership position including its strategic entry into the fast growing 2-3 wheeler tyre segment.
JK Tyre’s endeavor to achieve excellence in product innovation and consumer satisfaction got a new impetus with several significant recognitions coming its way in this quarter. Firstly, JK Tyre was awarded the ‘Brand of the Year’ Award by the World Branding Forum in the Tyre’s category. Secondly, JK Tyre has been honoured as this year’s TATA Motors Best Supplier of the Year award at the TATA Motors Vendor’s Conference 2015 held in Pune on 6th October. Furthermore, Company also received the ‘2015 Silver Level Certification in its Supplier Quality Excellence Process’ by Caterpillar.
JK Tornel, Mexico continues to perform well and has added to both the top and bottom line of JK Tyre.