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One of India’s largest tyres manufacturers, JK Tyre & Industries Ltd has registered a consolidated profit of INR 64.24 crores in the first quarter of 2018-19. Owing to strong sales, the company has done a good business in the last few months, sources revealed. While during the same period last year it registered a huge loss of INR 117.21 crore, the company told during the BSE filing.
In terms of revenue, JK Tyre had earned INR 1,931.80 crore last year during the first quarter. But this year, this number has increased to INR 2,439.52 crore. It is noticeable that this year’s revenue from operations is net of taxes after the Government of India implemented GST last year in the month of July. According to Raghupati Singhania, Chairman and Managing Director of JK Tyre & Industries, the main reason for profit is the fact that there was high volume growth in the truck, bus, light truck and passenger car tyres.
He also pointed out that after the acquisition of Cavendish Industries in 2017, JK Tyre has further strengthened its market position in truck and bus tyre segment. According to him, JK Tyre and Industries is ready to tap every opportunity that the growing passenger car industry will bring to the market.
The company’s major subsidiaries including JK Tornel, Mexico and the newly acquired Cavendish Industries Ltd are growing and have done quite well in the first quarter of 2018-19. Of late, JK Tyre has been focusing on the two and three wheeler segments and has strengthened its position in these segments.
