JK Tyre stock spurts 3% after PAT rises 64%

Consolidated revenue was up 6% yoy at Rs2,284cr, marginally better than consensus estimate.

May 18, 2018 08:05 IST India Infoline News Service

JK Tyre and Industries Limited (JKTIL) stock gained 3% after it reported better than expected profit numbers for Q4FY18.

Consolidated revenue was up 6% yoy at Rs2,284cr, marginally better than consensus estimate. EBITDA surged 65% yoy to Rs329cr, while EBITDA margin expanded 512bps yoy to 14.4%.

The stock is currently trading at Rs148.65 up by Rs4.5 or 3.12% from its previous closing of Rs144.15 on the BSE. The scrip opened at Rs149.70 and has touched a high and low of Rs155.55 and Rs148, respectively.

Consolidated PAT (after Minority Interest, share in profit of associates and exceptional items) was up 64% yoy at Rs145cr. This was nearly thrice the consensus estimate of Rs53cr.

Consolidated PAT growth was helped by stable depreciation, interest costs and higher other income. Tax rate was higher at 36% in Q4FY18 against 31%.

The Board of Directors declared dividend of Rs1.50 per share.

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