Page 2 - Tyre Makers

JK Tyre & Industries Q4 results: Net profit rises 56.2% to Rs 169 cr

The tyre maker remains optimistic about the tyre demand outlook, driven by robust infrastructure spending and buoyant economic activities

Tyre sale volumes expected to see moderate growth of 4-6% in FY25: ICRA

Domestic tyre sale volumes are expected to see a moderate growth of 4-6 per cent this fiscal after witnessing an estimated pace of 6-8 per cent in the previous financial year, ratings agency Icra said on Thursday. This growth in the last fiscal was driven by factors such as elevated base and subdued growth in the commercial vehicle (CV) segment, it said. However, Icra anticipates domestic demand from original equipment manufacturers (OEMs) in certain consumer segments like PV (passenger vehicle) and two-wheeler as well as for replacement to remain healthy, supporting overall tyre volume expansion in FY25. While revenues are likely to expand by 5-7 per cent this fiscal, high natural rubber prices and increasing crude prices are likely to moderate the tyre industry's margins by 200-300 basis points (bps) in FY25, Icra said. The rating agency also said it expects the replacement market, which contributes to over two-thirds of the industry volumes, to remain stable, aided by healthy ..

India fastest growing market, 25% growth expected in 2024-26: Bridgestone

Japanese tyre major Bridgestone expects to clock 25 per cent growth in revenue between 2024 and 2026 in India, which is its fastest-growing market globally, according to senior company officials. The company, which on Wednesday launched its 'Turanza 6i' premium range of passenger vehicle tyres developed specifically for the Indian market, will be increasing its tyre production to 40,000 per day in the next four to five years from the current 30,000 per day. "The size of the business (in India) out of our total global portfolio today is limited. However, it is the fastest-growing business portfolio in our global business. So that's why huge attention is there and strategic attention is here in India," Bridgestone India Managing Director Hiroshi Yoshizane told PTI in an interview. He said Bridgestone is already a leader in the aftermarket segment of passenger vehicle tyres in India with around 20 per cent share and the company's goal is to strengthen its position further. When asked

Rubber price rise, demand woes could lead to derating of tyre companies

Demand trends could remain muted in the near term, given weak passenger vehicle replacement demand

MRF Q3 results: PAT rises threefold to Rs 509 crore, revenue up 9.17%

The company opted not to disclose figures for its international operations, citing their insignificance in meeting the disclosure threshold specified in the Indian Accounting Standards

CEAT eyes opportunity in replacement tyre market growth fuelled by PV sales

Tyre maker CEAT Ltd is looking to cash in on the growth of passenger vehicles sales in India, which will boost demand in the replacement market going forward, according to the company Managing Director & CEO Arnab Banerjee. The company is also gearing up to enter the passenger vehicles (PV) and truck and bus radial (TBR) tyre market in the US in the first quarter of the next fiscal, with an eye on making its international business one of the growth engines. "Four million cars means immediate translation into replacement demand in the next two to three years. So it is a very good trajectory. The Original Equipment Manufacturer (OEM) trajectory is boding very well for the replacement market," Banerjee told PTI. He was responding to a query on the impact of the growth of PV sales in India on tyre makers. In 2023, PV sales in India touched a record high at 41.08 lakh units, growing by 8.3 per cent over the previous year driven by SUVs, which accounted for almost half of the total ...

Tyre producers get a grip as raw material prices ease, demand recovers

Tread with caution: Any discount/price cut in the replacement market could offset margin gains

Five Indian tyre makers ranked among global top 30 manufacturers: Report

Five Indian companies featured among the top 30 tyre manufacturers globally, according to a report by Automotive Tyre Manufacturers' Association (ATMA). In the 'Tire Business Magazine's 38th Global Tire Report' by ATMA based on revenue in 2022, Apollo, MRF, JK Tyre, CEAT, and Balkrishna Industries (BKT) from India featured in the top 30 list. As per the report, Apollo is at the 13th position and MRF at the 14th, JK Tyre at 19th, CEAT at 22nd and BKT at 27th in the top 30 list. Michelin, Bridgestone, Goodyear, and Continental continue to occupy the top four spots, the report said. "For quite a few years, we had only three Indian companies in the top 30. CEAT made an entry in the coveted list a couple of years ago and now BKT also finds a pride of place," ATMA Director General Rajiv Budhraja said in a statement. ATMA said in the last 10 years, Apollo has moved up four places, while JK Tyre has advanced six places. On the other hand, CEAT moved up 13 places, while off-road major BKT

TVS Srichakra to acquire US based firm, to grow off-highway tyre biz

TVS Srichakra Ltd, makers of TVS Eurogrip, Eurogrip and TVS brand of tyres, has drawn up plans to acquire the US-based Super Grip Corporation as part of its vision to grow in the global off-highway tyre market. On Friday, the company's board of directors approved the formation of a subsidiary in the United States market ahead of the acquisition plan. Super Grip Corporation, established in 1984, is engaged in manufacturing of high-quality tyres for the industrial tyre market. We view the proposed Super Grip transaction with excitement. The company fits in well with our plan to expand our off-highway tyre business globally, TVS Srichakra Ltd Director S Ravichandran said in a company statement here. The proposed transaction also brings with it an experienced and motivated management team, which will add value to the business over time, he said. TVS Srichakra recently invested in a new plant at its facility in Madurai to double the off-highway tyre capacity. This investment is largely

Tyre maker Ceat reports steep rise in Q2 net profit at Rs 207.72 crore

Tyre maker CEAT Ltd on Monday reported a steep rise in consolidated net profit at Rs 207.72 crore for the September quarter. The company had posted a consolidated net profit of Rs 6.44 crore in the year-ago period, CEAT Ltd said in a regulatory filing. Consolidated revenue from operations during the second quarter of the current fiscal stood at Rs 3,053.32 crore as against Rs 2,894.48 crore in the year-ago period, it added. Total expenses were lower at Rs 2,793.41 crore as compared to Rs 2,864.18 crore last year, the company said. "The demand continues to be stable, and we are witnessing mid-single-digit growth in our topline across all three segments replacement, OEMs, and international business. Our focus on product mix and judicious pricing helped improve margins during the quarter," CEAT Ltd MD & CEO Arnab Banerjee said in a statement.

Deming Grand Prize aligns with our quality objectives, says CEO Ceat Tyres

We first received the Deming Award in 2017, and earning the Grand Award now underscores our dedication, says Bannerjee

Goodyear India's Q1 profit rises as low rubber prices offsets weak demand

Rubber prices, a key raw material for the tyre industry, have fallen by about 20%-25% over the last year through May, according to HDFC Securities

Tyre major Michelin confirms appointment of Shantanu Deshpande as India MD

French tyre major Michelin on Monday said it has appointed Shantanu Deshpande as Managing Director of its Indian operations. He will be based out of Pune. Across his 23-year tenure with Michelin, Deshpande held various leadership roles in sales and marketing, both in India and in other geographies such as North America, Africa, Middle East and Asia, the company said in a statement. He had joined Michelin India in 1999 as an Area Sales Manager. He was later appointed India Marketing Director in 2007 and in this role, he was instrumental in establishing the company's presence in the country. From 2012 to 2015, Deshpande served as Vice President Marketing with a Michelin subsidiary in North America. He was Director Marketing B2B business for Africa, India & Middle East Region from 2015 to 2020, the tyre major stated. Since 2020, Shantanu has served as Global Marketing Director for Michelin Group's Urban Business Line based out of Bangkok. Headquartered in Clermont-Ferrand, France,

TVS Eurogrip launches tyres for superbikes, adventure touring segment

The high-performance products have been designed in Europe and built to suit Indian road conditions

Italy mulls ways to curtail Chinese influence over tyre maker Pirelli

Italy will soon get a chance to intervene in Pirelli by using its so-called "golden power", which enables the government to stop or modify business deals among private companies

Ceat is planning to invest in off-highway tyres segment: Anant Goenka

At Ceat we wanted to grow in our international business, and our OEM customers were becoming more and more exacting in their specifications, said Goenka

Better grip on future for tyre stocks: Tread on easing input cost, demand

Higher raw material prices had punctured sequential margins of major tyremakers

Bridgestone looks to scale up manufacturing capacity by 10% next year

Japanese tyre maker Bridgestone is looking to scale up its manufacturing capacity by over 10 per cent next year amid the demand surge in both OEM and aftermarket segments, the company's India head, Parag Satpute has said. He also said that the company is working on rolling out its EV tyre technology in the domestic market, which is expected to see a higher penetration of electric vehicles amid the government's increasing push for green mobility. Bridgestone already has tyres catering to the EV segment in Europe, Japan and the US. A wholly-owned subsidiary of Bridgestone Corporation, the Pune-based Bridgestone India caters to both passenger and commercial tyre segment with as much as 20 per cent market share in the aftermarket domestic passenger car tyre market. The total size of the aftermarket domestic car tyre segment stands at around 2-million tyres per month. "We are running at a very healthy capacity utilisation across our both plants as in the last three years we have been .

Apollo Tyres' grip remains strong in Q1 on easing commodity prices

Near term volume outlook is muted, though, given seasonality and macro EU concerns

Tyre maker Balkrishna Industries FY23 volume, margin seen under pressure

Company's near term will be tough, but brokerages believe it will continue to gain market share