JK Tyres & Industries posts Q4 net profit at Rs 92 cr

JK Tyres & Industries Ltd today reported consolidated net profit at Rs 92.03 crore for the fourth quarter ended March.
The tyre-maker had posted a net profit of Rs 122.30 crore in the corresponding period of last fiscal, the company said in a regulatory filing.
The company said the results are not comparable due to its acquisition of Cavendish Industries Ltd in April 2016.
Total income for the quarter under review stood at Rs 2,309.48 crore. It was Rs 1,910.83 crore in the January-March quarter of 2015-16.
Commenting on the result, JK Tyres & Industries Chairman and MD Raghupati Singhania said: "The year witnessed an unprecedented cost increase, particularly natural rubber and other raw materials which are essentially petro based products impacting cost of production and margins".

Unabated import of cheaper Chinese tyres added to the industry woes, he added.

For the entire fiscal, the company reported a consolidated net profit at Rs 379.82 crore. In the corresponding quarter of last fiscal, the net profit stood at Rs 456.79 crore.
The company said its board has recommended a dividend of Rs 2.5 per equity share of Rs 2 each for FY17.
Shares of the company ended 1.93 per cent up at Rs 168.95 on BSE.