Tyre Industry major, JK Tyre and Industries (JK Tyre) on Wednesday reported a consolidated net profit of ₹111.56 crore for the fourth quarter ended March 31, a multifold jump year-on-year (y-o-y) as compared with ₹38.22 crore in the corresponding period last year.
The total income also rose by around 10 per cent y-o-y to ₹3,645 crore during the quarter in review (₹3,319.56 crore) .
The board has recommended a dividend at 100 per cent (₹2 per share having face value of ₹2 each), the company said.
For the financial year 2022-23 (FY23), the company recorded a net profit of ₹263 crore (₹201 crore), a jump of 31 per cent compared to previous year.
Similarly, the total income grew by 22 per cent to ₹14,681.46 crore (₹12,019.52 crore) .
Growth in demand
“JK Tyre has achieved highest ever revenues of ₹14,681 crore during FY 2023, registering a growth of 22 per cent. This is on account of growth in domestic demand witnessed in key segments, viz., commercial and passenger vehicle tyres. Exports have also performed well, despite global headwinds,” Raghupati Singhania, Chairman and Managing Director, said.
Operating margins improved sequentially in the fourth quarter of the financial year 2023, aided by softening in input costs, he said.
“We remain optimistic on tyre industry growth path in coming year, buoyed by uptick in economic activities and the big push in infrastructure growth,” he added.
- Also read: JK Tyre Q3 net up 24 per cent at ₹67 crore