JK Tyre's March quarter profit up y-o-y by 56%

22 May 2024 , 04:06 PM

JK Tyre and Industries reported a 56% increase in consolidated net profit for Q4, reaching ₹169.33 Crore, compared to ₹108.38 Crore in the same period last year. Sequentially, net profit declined by 23.35% from ₹220.92 Crore in the December quarter.

Revenue from operations rose by 1.8% to ₹3,698.45 Crore, up from ₹3,632.47 Crore a year ago. The company announced a final dividend of ₹3.50 per equity share for FY24. At the time of writing, the stock was trading at ₹423.80 which is a 4.77% surge than the previous close. The stock has gained 136% in the last one year, and 7.75% since the beginning of the year.

Chairman and Managing Director Raghupati Singhania attributed the performance to product premiumisation, market reach expansion, tech-enabled manufacturing, and digitalization for better efficiency. Strategic initiatives, including equity infusion, strengthened the company’s financial resilience. In FY24, JK Tyre raised ₹500 Crore through a Qualified Institutional Placement (QIP) to help deleverage its balance sheet.

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