JK Tyre shares jump over 6% on reporting strong March quarter earnings

Shares of JK Tyre and Industries on Thursday jumped over 6 per cent after the company reported a consolidated profit after tax of Rs 194.96 crore for the March quarter of the previous fiscal.

The stock rose by 6.18 per cent to Rs 131.25 on BSE.

On NSE, it jumped 6.26 per cent to Rs 131.50.

JK Tyre and Industries on Wednesday reported a consolidated profit after tax of Rs 194.96 crore for the March quarter of the previous fiscal against a consolidated loss of Rs 52.78 crore in the year-ago period.

Revenue from operations in the quarter under review rose by 63.21 per cent to Rs 2,927.28 crore compared to Rs 1,792.56 crore in Q4FY20, the company said.

For the fiscal 2020-21, profit after tax grew more than two folds to Rs 330.93 crore over Rs 141.31 crore in FY20. The revenue from operations in the previous fiscal grew 4.35 per cent to Rs 9,102.20 crore against Rs 8,722.70 crore logged in the year ended March 31, 2020.

The year began with India in lockdown due to COVID-19 pandemic and the economy grinding to a halt with Q1FY21 almost a washout, said Raghupati Singhania, Chairman and Managing Director, JK Tyre and Industries.

The economy started opening up gradually from mid-May. As a result of several initiatives taken, JK Tyre recovered fast and achieved the highest sales in Q3FY21 and Q4FY21 increasing its market presence, he added.