JK Tyre and Industries Q2 net profit up 55 percent

JK Tyre and Industries on Wednesday posted an increase of 55 percent in its net consolidated profit at Rs.118 crore for the quarter ended September 30, 2015.

The net profit in the corresponding quarter of the last fiscal year stood at Rs.76 crore.

The company's turnover, during July-September this year, on a consolidated basis stood at Rs.1,986 crore while on a stand alone basis it was recorded at Rs.1,682 crore.

In the quarter under review, the company's consolidated operating profit stood at Rs.312 crore while on a stand alone basis it was pegged at Rs.267 crore.

"The company continues to improve its operational performance despite the challenges in the unbridled cheap Chinese imports and slow pick-up of the auto industry," the company's chairman and managing director Raghupati Singhania said in a statement.

During the quarter, the company signed a binding term sheet with BK Birla Group owned Kesoram Industries to acquire its entire 99 percent stake in its subsidiary, Cavendish Industries for Rs.2,195 crore.