JK Tyre Q2 net profit at Rs 110.15 cr

JK Tyre and Industries today reported a consolidated net profit of Rs 110.15 crore for the second quarter ended September 30, 2016.
The company had posted a net profit of Rs 115.84 crore in the July-September quarter a year-ago, it said in a statement.
Its consolidated net sales during the period under review stood at Rs 1,957.34 crore compared to Rs 1,947.87 crore in the corresponding quarter previous fiscal.
Total expenses was at Rs 1,753.67 crore versus Rs 1,708.16 crore earlier.
JK Tyre Chairman and Managing Director Raghupati Singhania said: "JK Tyre continues to surge ahead in the Indian market with higher sales in volume terms. The company continues to maintain its leadership in truck bus radials and has recorded higher operating profit for the second quarter on a consolidated basis."

He further said: "Passenger radials and agri tyres have recorded double digit growth. With good monsoon coupled with renewed focus of the government on roads and infrastructure and marginally cheaper consumer financing, commercial vehicle sale is expected to show good growth in the coming period."

Since the financial results also include that of Cavendish Industries Ltd (CIL), which the company had acquired in middle of April, the figures are not comparable, it added.
"Consolidated financial results include working of CIL acquired on April 13, 2016, which restarted its operation in mid May, 2016. Therefore, results of the half year are not comparable with previous period," the company said.

In the first half of 2016-17, JK Tyre' consolidated net profit was at Rs 200.41 crore. It was Rs 232.91 crore in the year-ago period.
Net sales in the first half of the current fiscal stood at Rs 3,832.19 crore. It was Rs 3,868.17 crore in the same period last year.
Shares of JK Tyre and Industries today settled at Rs 137.80 on BSE, down 3.13 per cent.