JK Tyre & Industries today reported nearly seven-fold increase in its standalone net profit for the quarter ended March 31, 2012 at Rs 86.34 crore.
The company had posted a net profit of Rs 12.46 crore in the corresponding period last year, JK Tyre & Industries said in a statement.
The standalone total income went up by 13.1% to Rs 1,523.55 crore in the fourth quarter of last fiscal from Rs 1,346.35 crore in the year-ago period, it added.
For the entire 2011-12 financial year, JK Tyre & Industries posted a consolidated net loss of Rs 31.99 crore as against a net profit of Rs 65.91 crore in the previous fiscal.
The consolidated total income during FY12, however, rose by 16.2% to Rs 6,947.10 crore from Rs 5,978.77 crore in FY11, the comapny said.
Commenting on its results, JK Tyre & Industries Vice Chairman and MD Raghupati Singhania said: "The rising costs of input along with increase in interest rates was indeed a challenge. Foreign exchange rate volatility impacted the cost of imports as well as domestic input costs."
The company could partly mitigate such steep increase in costs through several measures to improve its internal efficiencies, he added.
The shares of the company today clsoed 0.95% down at Rs 78.45 apiece on the BSE.
