JK Tyre Q4 results: Net profit rises 56.2% to Rs 169 cr on sustained demand
Consolidated net profit rose for the sixth straight quarter to Rs 169 crore ($20.29 million) for the three months ended March 31 from Rs 108 crore a year earlier
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Analysts said prices of natural rubber, a key raw material for tyre manufacturers, have risen in the January-March period, which has historically been a strong quarter for the over $11 billion turnover tyre industry.
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India's JK Tyre and Industries reported a 56.2% rise in fourth-quarter profit on Tuesday, helped by sustained demand.
Consolidated net profit rose for the sixth straight quarter to Rs 169 crore ($20.29 million) for the three months ended March 31 from Rs 108 crore a year earlier.
Revenue from operations rose 1.8% to Rs 3,698 crore.
KEY CONTEXT
Analysts said prices of natural rubber, a key raw material for tyre manufacturers, have risen in the January-March period, which has historically been a strong quarter for the over $11 billion turnover tyre industry.
Meanwhile, sales of vehicles in India during the three months to March 31 rose more than 20% year-on-year, aiding autoparts makers like JK Tyre and Industries.
Larger peers MRF and CEAT reported lower fourth-quarter profits.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: May 21 2024 | 6:32 PM IST