Shares of JK Tyre & Industries Ltd Friday closed over 1 per cent lower after the company reported a 78.81 per cent decline in consolidated net profit for the quarter ended March 2019.
The scrip declined 1.20 per cent to close at Rs 78.20 on the BSE. During the day, it dropped 5.24 per cent to Rs 75, its 52-week low.
At the NSE, shares dipped 1.13 per cent to close at Rs 78.40.
The company declared its earnings post market hours on Thursday.
It reported a 78.81 per cent decline in consolidated net profit at Rs 33.66 crore for January-March quarter due to high raw material costs and expenses.
The company had posted a consolidated net profit of Rs 158.87 crore in the year-ago period, JK Tyre said in a regulatory filing.
Consolidated revenue from operations for the quarter under review stood at Rs 2,705.89 crore as against Rs 2,283.97 crore in the same period of 2017-18.
The company said the cost of raw materials consumed was higher at Rs 1,436.82 crore as compared with Rs 1,420.08 crore in the year-ago period.
Total expenses were also higher at Rs 2,665.91 crore as compared with Rs 2,146.54 crore.
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