Shares of JK Tyre and Industries surged 6% during Wednesday’s intraday trading session. The jump in the stock price was fueled by the tyre company’s strong financial performance in the fourth quarter of the financial year 2023-24 (Q4FY24).
JK Tyre reported a remarkable 56 percent year-on-year increase in its consolidated net profit for the fourth quarter, reaching Rs 169.33 crore.
This impressive growth was driven by sustained demand for the company’s products. In the same period last year, the company had recorded a net profit of Rs 108.38 crore. However, on a sequential basis, JK Tyre’s profit declined by 23.35 percent compared to the December quarter’s figure of Rs 220.92 crore.
As of 11:05 am, JK Tyre’s shares were trading 5.44% higher at Rs 426.50 on the National Stock Exchange (NSE).
