Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its unaudited results for first quarter of FY2021-22. The Profit before tax and profit after tax for the first quarter ended June 30, 2021 were recorded at Rs 75 crore and Rs 44 crore respectively. The EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) stood at Rs. 289 crore, a significant increase on year-on-year basis.
The Revenues from operations in the first quarter increased 130 per cent to Rs 2608.44 crore, compared to Rs 1130.80 crore registered in the last financial year. Operating Profit for the first quarter ended June increased from Rs 3.58 crore to Rs 289.48 crore in FY22.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “The first quarter of this fiscal year started on a subdued note due to resurgence of second wave of the pandemic and lockdowns, which impacted demand. Despite these challenging market conditions, we achieved encouraging growth in revenues and profitability. With the rising input costs, operating margins were impacted. Nonetheless, we are taking judicious price increase across product categories. The Company continued to focus on replacement and export sales. At the same time relationship with OEMs are being expanded and strengthened.”
|NET REVENUES||Rs. 2618 Crore|
|EBIDTA||Rs. 289 Crore|
|PROFIT BEFORE TAX||Rs. 75 Crore|
“We expect improved market conditions, emanating from higher inoculation levels and sharp recovery in economic activities, which is likely to improve sale in both replacement and OEM segments. Going forward we are optimistic and expect a healthy growth of the industry.”
Dr. Singhania further added that, “the Company continues to give utmost primacy to the well-being and safety of its employees, business partners and society. In this direction, we have launched an initiative “JK Cares” program, to support the family of employees, who lost their lives during the pandemic on three fronts – financial, educational and health insurance.”
JK Tyre & Industries Limited (CIN No. L67120RJ1951PLC045966) is amongst the top 25 manufacturers in the world. Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is currently the market leader in Truck Bus Radial segment. The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three- wheelers.
A global force, JK Tyre is present in over 100 countries with over 180 Global distributors. The Company has 12 globally benchmarked ‘sustainable’ manufacturing facilities – 9 in India and 3 in Mexico – that collectively produce around 32 million tyres annually. The Company also has a strong network of over 6000 dealers and 650+ dedicated Brand shops called as Steel Wheels and Xpress Wheels.