One of India’s largest passenger and commercial tyre makers, JK Tyre & Industries has registered an increase of over two-fold in its Q3 net profit recently. The company told that its net profit stood at INR. 26.89 crore at the end of Q3 on 31st December, 2018. This is an increase of INR. 11.32 crore as compared to the same period last year.
In a regulatory filing, JK Tyre communicated that its overall revenue from operations too surged to INR. 2,730.77 crore compared to INR. 2,123.24 crore during the same period last year.
Raghupati Singhania, Managing Director & Chairman, JK Tyre & Industries commented on the company’s performance and told that the reason behind Q3 success was the fact that volumes increased across all the segments, which, in turn, helped them to achieve huge growth in sales. However, Mr. Singhania further added that the profit margins in the current quarter are impacted due to the increase in costs of petroleum-based raw materials used in the industry. He also informed about the progress of expansion of truck/bus radial capacity at Cavendish, a JK Tyre subsidiary. According to him, the expansion is in its final stage and will complete soon.