JK Tyre net profit rises 56 percent

JK Tyre said Tuesday its net profit rose by 56 percent to Rs.59 crore in the October-December quarter of the current financial year.

The company posted an operating profit of Rs.189 crore for the quarter under review posting an year-on-year increase of 18 percent.

For the first three quarters of the current fiscal, JK Tyre net profit grew by 46 percent to Rs.180 crore, while its operating profit rose by 37 percent to Rs.643 crore.

Commenting on the quarterly figures, chairman and managing director of JK Tyre Raghupati Singhania said the company has performed well despite a subdued demand for tyres.

"The Indian automobile industry is passing through a difficult phase as both passenger cars and commercial vehicles registered a negative growth," Singhania said in a statement.

He said introduction of new products and widening of customer base have helped JK Tyre maintain a healthy performance during the quarter under review.