JK Tyre & Industries Ltd. (JK Tyre) reported a consolidated net profit of Rs.118 Crores for the 2nd quarter ended 30th September 2015, up by 55% from Rs. 76 Crores in the corresponding quarter. The company achieved a consolidated turnover of Rs.1986 Crores.On a standalone basis, JKTyre reported a turnover of Rs. 1682 Crores with an Operating Profit at Rs.267 Crores, an increase of 41% over the corresponding quarter.
Commenting on the results, Dr Raghupati Singhania, Chairman & Managing Director said, “The Company continues to improve its operational performance despite the challenges of unbridled cheap Chinese imports and slow pick up of auto industry. The expected revival of tyre demand augurs well for the Company.
He added “JK Tyre has executed a binding term sheet for the acquisition of Laksar unit of Kesoram Industries Limited (KIL) and the process is expected to be completed in couple of months subject to regulatory formalities. This will further strengthen Company’s leadership position including its strategic entry into the fast growing 2-3 wheeler tyre segment”.
JK Tyre’s endeavor to achieve excellence in product innovation and consumer satisfaction got a new impetus with several significant recognitions coming its way in this quarter. Firstly, JK Tyre was awarded the ‘Brand of the Year’ Award by the World Branding Forum in the Tyre’s category. Secondly, JK Tyre has been honoured as this year’s TATA Motors Best Supplier of the Year award at the TATA Motors Vendor’s Conference 2015 held in Pune on 6th October. Furthermore, Company also received the ‘2015 Silver Level Certification in its Supplier Quality Excellence Process’ by Caterpillar.
JK Tornel, Mexico continues to perform well and has added to both the top and bottom line of JK Tyre.
About JK Tyre & Industries Limited:
Part of the JK Organisation, JK Tyre & Industries Ltd is a leading tyre manufacturer in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments in the four wheeler auto mobile industry.
JK Tyre has global presence in 100 countries across six continents with six plants in India and three in Mexico. Currently, the capacity across 9 plants exceeds 20 million tyres per annum. JK Tyre pioneered radial technology in India way back in 1977 and today is the leader in Tr,uck Bus Radial segment. With over three decades of technological innovation, JK Tyre offers tyres for the entire range – Truck/Bus, LCV, Passenger Cars, MUV and Tractors. The company is the manufacturer of India’s largest OTRTyre weighing 3.7 tons and 12 feet high.
JK Tyre is a preferred supplier to the automotive Original Equipment Manufacturers and is a partner to some of the biggest names including Maruti Suzuki, Tata Motors, Honda, Ashok Leyland, Mahindra & Mahindra, Volvo Eicher, General Motors, Volkswagen, Fiat, Nissan, TAFE, BEML and Caterpillar India. JK Tyre has been ranked no.1 for the third time in the J.D. Power Asia Pacific’s study on Customer Satisfaction.
In India, its nationwide network comprises of 143 selling locations, 4,000 dealers and over 120 retail outlets branded ‘JK Tyre Steel Wheels’, which are equipped with state-of-the-art wheel servicing equipment. It has also established 17 Truck Radial Tyre Care centres, which operate along all major National Highways on 365 day, 24×7 basis. JK Tyre has established over 16 truck radial total solution showrooms branded “Truck Wheels”. It was the first to introduce unique concepts like “Dial-a-Tyre” and is the only tyre company to launch a 24×7 on-road tyre assistance initiative called “Fix-a-Tyre”.
JK Tyre actively promotes various disciplines of motor sports in India and has invested enormous resources towards building its infrastructure. The Racing and Karting programmes are the breeding ground for the country’s young motor sport talent and JK Tyre prodigies like Karun Chandhok, Armaan Ebrahim and Aditya Patel have done India proud in the global arena.
JK Tyre yesterday closing price 104.80 down 0.24%.
Source : nseindia.com