New Delhi [India], May 18 : Leading tyre maker JK Tyre and Industries has posted a 31 per cent year-on-year jump in its profit after tax to Rs 263 crore, against its figures in the year-ago period.
According to a statement from the company, the tyre maker's net revenues went up 22 per cent to Rs 14,681 crore over the figure in the previous year's corresponding period.
Raghupati Singhania, Chairman and Managing Director (CMD), said, "JK Tyre has achieved highest ever revenues of Rs 14,681 crore during FY2023 (2022-23), registering a growth of 22 per cent. This is on account of growth in domestic demand witnessed in key segments, viz., commercial and passenger vehicle tyres. Exports have also performed well, despite global headwinds."
Operating margins improved sequentially in the fourth quarter of the financial year 2023, aided by softening in input costs, the company said in a statement. "We remain optimistic on tyre Industry growth path in coming year, buoyed by uptick in economic activities and the big push in infrastructure growth," the CMD said.
Furthermore, JK Tyre said IFC, which is a member of the World Bank Group, has invested Rs 240 crore (USD 30 Million) in the company by way of compulsory convertible debenture (CCDs), which reflected its confidence in the future of the firm and the tyre Industry at large.
JK Tyre's subsidiaries Cavendish Industries and JK Tornel, Mexico, performed well with improved volumes, revenues and profitability, according to the statement.
He further added "with a focus on innovation and a commitment to excellence, we will continue to deliver high-quality and innovative products to our customers. Ultra High Performance Tyre - 'Levitas Ultra' range is one of such recent launches, to bolster our product positioning and focus on premiumisation in market space".
According to the statement, JK Tyre and Industries is amongst the top 22 manufacturers in the world.
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