JK Tyre's Q1 consolidated net profit at Rs 100 crore

JK Tyre & Industries (JKTIL) on Tuesday reported a consolidated net profit of Rs 100.26 crore for the quarter ended June 30, 2016.

According to the company, its consolidated net profit for the corresponding period of last fiscal stood at Rs 117.07 crore.

"Consolidated financial results published, as opted by the company, include working of Cavendish Industries Ltd., acquired on April 13, 2016 which restarted its operations in mid May, 2016," the company said in a regulatory filing to the BSE.

"Therefore, results of the quarter are not comparable with previous period."

The company's total income during the quarter under review stood at Rs 1,786.77 crore from Rs 1,771.06 crore earned during the corresponding period of 2015-16.

"JK Tyre continues to make deeper inroads in the Indian market with higher sales of both truck/bus radials and passenger radials in volume terms. The company has recorded higher operating profit for the quarter on consolidated basis," said Raghupati Singhania, Chairman and Managing Director of JK Tyre & Industries.

"Monsoons have had a good start and it is expected to be above normal. This augurs well for tyre industry, particularly in agriculture sector apart from revival of rural demand."

--IANS

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