JK Tyre, a leading tire manufacturer, reported a substantial year-on-year (Y-o-Y) increase in its consolidated net profit, surging to Rs 242 crore during the quarter ending on September 30, 2023. Additionally, the company recorded a 3.8 percent growth in its consolidated revenue from operations, amounting to Rs 3,897.53 crore compared to Rs 3,756.52 crore in Q2 of FY23. This boost in profitability can be attributed to rising sales volumes, selective price adjustments, and stable raw material costs.
On a sequential basis, JK Tyre demonstrated a 4.83 percent uptick in revenue, accompanied by a remarkable 57.35 percent increase in net profit. Raghupati Singhania, Chairman and Managing Director, commented on the results, stating, “JK Tyre’s strong performance in Q2 of FY24 has led to increased revenues and a significant rise in profitability. Our strategic focus on expanding our market presence has resulted in higher sales volumes across various segments and product categories. We have successfully enriched our product mix in the entire Radial range, including PCR, LTR, and TBR. Our ongoing efforts to enhance operational efficiency and control costs remain pivotal. Export sales also registered a healthy double-digit growth compared to the previous quarter.”
In a move reflecting their confidence in the robust growth of the Indian automotive industry, JK Tyre recently approved an investment of Rs 1,025 crore for expanding its tire manufacturing capacity. The company aims to complete this expansion by October 2025, further strengthening its foothold in the automotive tire segment.
This expansion underscores JK Tyre’s commitment to delivering quality products to meet the increasing demand in India’s thriving auto sector, further solidifying its position as a leading player in the tire industry.
