Latest News | JK Tyre Profit Dips 77 Pc to 44 Cr in Q1

New Delhi, Aug 6 (PTI) JK Tyre & Industries on Friday said its consolidated net profit declined by 77 per cent to Rs 44 crore for the first quarter ended on June 30, 2021.

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The company had posted a net profit of Rs 195 crore in the April-June quarter of 2020-21.

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Revenues from operations declined to Rs 2,608 crore in April-June 2021-22 from Rs 2,927 crore in the June quarter of FY20.

Commenting on the results, JK Tyre Chairman and Managing Director (CMD) Raghupati Singhania said the first quarter started on a subdued note due to resurgence of the second wave of the COVID-19 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 increases across product categories," he added.

The company continued to focus on replacement and export sales and at the same time relationships with OEMs were being expanded and strengthened, Singhania noted.

"We expect improved market conditions, emanating from higher inoculation levels and sharp recovery in economic activities, which is likely to improve sales in both replacement and OEM segments. Going forward we are optimistic and expect a healthy growth of the industry," he added.

Singhania said the company continues to give utmost primacy to the well-being and safety of its employees, business partners and society and in that regard launched various initiatives. JK Tyre shares on friday ended 0.62 per cent down at Rs 161 apiece on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)