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JK Tyres’ net profit in the March quarter up y-o-y by 54%

22 May 2024 , 01:40 PM

JK Tyre & Industries said on Tuesday that its consolidated net profit grew 54% to ₹172 Crore in the fourth quarter ended March 31, 2024, due to higher sales. In the previous fiscal year, the tyre maker achieved a net profit of ₹112 Crore.

JK Tyre said in a statement that total income increased to ₹3,714 Crore in the fourth quarter, up from ₹3,645 Crore the previous year.

The tyre producer reported a net profit of ₹811 Crore for the fiscal year ended March 31, 2024, up thrice from ₹265 Crore in FY23.

Total income for the current fiscal year increased to ₹15,046 Crore, up from ₹14,681 Crore in FY23.

The firm reported its highest-ever sales and profits in FY24.

“These results can be attributed to our continued focus on product premiumisation, expanding market reach and tech-enabled manufacturing and digitalisation across operations achieving better efficiencies,” Raghupati Singhania, chairman, and chief executive officer of JK Tyres.

Furthermore, the company’s strategic steps to strengthen its balance sheet through equity infusion proved successful, boosting financial resiliency, he said.

Singhania also highlighted that the company’s profit of ₹811 Crore last fiscal year was after making provisions of ₹106 Crore for liability under the government’s ‘Extended Producer’s Responsibility’ imposed on the tyre industry.

He stated that exports were flat last year owing to geopolitical interruptions, including freight increases.

The company intends to invest over ₹1,400 Crore over the next 18-20 months to expand production capacity, particularly for passenger car tyres.

Furthermore, the business announced that its board has recommended a dividend of ₹4.5 on each share of ₹1 for the fiscal year ending March 31, 2024.

At around 11.11 AM, JK Tyre was trading 5.23% higher at ₹425.65, against the previous close of ₹404.50 on NSE. The counter touched an intraday high and low of ₹447.20, and ₹421.25, respectively.

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