Latest News | JK Tyre Q2 Net Drops 41 Pc to Rs 65 Cr

New Delhi, Oct 28 (PTI) JK Tyre & Industries on Thursday reported a 40.77 per cent decline in consolidated net profit at Rs 64.96 for the second quarter ended September 30, 2021.

The company had posted a net profit of Rs 109.68 crore in the July-September period of previous fiscal.

Also Read | 1 TB Internal Phone Memory! Samsung Ready With World's First 1TB Chip for Smartphones.

Revenue from operations, however, increased to Rs 2,986.66 crore in the quarter under review from Rs 2,274.84 crore in the year-ago period.

"The company has been attaining continuous sales growth despite a partially disrupted market place. The sales in the replacement market registered healthy growth whereas institutional sales recorded a quantum jump during the quarter," JK Tyre Chairman and Managing Director Raghupati Singhania said in a statement.

Also Read | 10-0! Jose Mourinho Starts AS Roma Managerial Career in Style by Defeating Serie D Side Montecatini.

The company's continued thrust resulted in a 35 per cent rise in exports in Q2, he added.

"The rising input costs impacted operating margins. This could be partially mitigated through enhanced volumes and selective price increases," Singhania noted.

The company's subsidiary Cavendish Industries Ltd continues to contribute to revenue growth, he said.

JK Tornel, the company's subsidiary in Mexico, has also performed well with significant growth in revenues and profitability, Singhania stated.

"Good efforts on vaccinating the population of the country has led to economic recovery which indeed augurs well for the tyre industry in the coming period," he added.

(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)