JK Tyres and Industries on Thursday reported their consolidated sales during the third quarter touching a record high of Rs 230.46 crore, which is an increase of 26% over the year-ago period. The company is back to its exceptional performance with a strong recovery in demand, increased consumer preference, favourable foreign exchanges and high sales.
The stock value of the company was trading at Rs 130.75, up to Rs 15.15, or 13.11%. It has touched a 52-week high of Rs 132. It even has hit an intraday low of Rs 126.05.
JK Tyre earned a net profit of Rs 10.27 crore in the corresponding period of the last financial year. The combined revenue from operations during the period stood at Rs 2,769.28 crore as against Rs 2,199.80 crore in the corresponding quarter last fiscal, the company said.
The consolidated sales during the quarter reviewed an increase of 26% over the year-ago period. Total expenses for the last quarter rose 13% to Rs 2473 crore. Operating quarter in the period more than doubled to Rs 507 crore.
“JK Tyre turned out an excellent performance in Q3—in terms of sales and profitability. This was largely driven by the increased demand for passenger, commercial vehicle as well as farm tyres,” said Raghupati Singhania, Chairman and MD, JK Tyre & Industries.
