JK Tyre inflates after turnaround in Q1

JK Tyre & Industries rose 2.13% to Rs 127.30 at 09:39 IST on BSE after the company reported turnaround in Q1 result which was announced after market hours yesterday, 18 July 2018.

Meanwhile, the S&P BSE Sensex was up 15.81 points, or 0.04% to 36,389.25

On the BSE, 1.48 lakh shares were traded in the counter so far compared with average daily volumes of 95,000 shares in the past two weeks. The stock had hit a high of Rs 129.75 and a low of Rs 126.35 so far during the day. The stock hit a record high of Rs 192.95 on 12 February 2018. The stock hit a 52-week low of Rs 116 on 3 July 2018.

JK Tyre & Industries reported consolidated net profit of Rs 64.24 crore in Q1 June 2018 as compared to net loss of Rs 117.21 crore in Q1 June 2017. Total income rose 34.57% to Rs 2446.09 crore in Q1 June 2018 over Q1 June 2017.

The company's subsidiaries namely, JK Tornel, Mexico and Cavendish Industries have performed well during the quarter. Labour restructuring completed at JK Tornel last year is reaping good dividend which has added to the over-all profitability.

Commenting on the results, Raghupati Singhania, Chairman and Managing Director of the company said higher volumes were seen in Q1 June 2018 across categories, especially in Truck/Bus Radial, Passenger Car and Light Truck Radials. Increased volumes and internal efficiencies helped improve profitability, Raghupati Singhania said.

JK Tyre & Industries is a leading tyre manufacturer in India with a wide range of products catering to diverse business segments in the automobile industry.

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