New Delhi, May 20 (PTI) Shares of JK Tyre and Industries on Thursday gave up most of their early gains and closed nearly 2 per cent higher.

In early trade, it had jumped over 6 per cent after the company reported a consolidated profit after tax of Rs 194.96 crore for the March quarter of the previous fiscal.

The stock rose by 6.18 per cent to Rs 131.25 during the day on the BSE. It closed at Rs 125.60, a gain of 1.62 per cent.

On the NSE, it closed 1.49 per cent higher at Rs 125.60 after jumping 6.26 per cent to Rs 131.50 during the day.

JK Tyre and Industries on Wednesday reported a consolidated profit after tax of Rs 194.96 crore for the March quarter of the previous fiscal against a consolidated loss of Rs 52.78 crore in the year-ago period.

Revenue from operations in the quarter under review rose by 63.21 per cent to Rs 2,927.28 crore compared to Rs 1,792.56 crore in the fourth quarter of FY20, the company said.

For fiscal 2020-21, profit after tax grew more than two folds to Rs 330.93 crore over Rs 141.31 crore in FY20. The revenue from operations in the previous fiscal grew 4.35 per cent to Rs 9,102.20 crore against Rs 8,722.70 crore logged in the year ended March 31, 2020.

The year began with India in lockdown due to the COVID-19 pandemic and the economy grinding to a halt with the first quarter of the financial year 2020-21 almost a washout, said Raghupati Singhania, Chairman and Managing Director, JK Tyre and Industries.

The economy started opening up gradually from mid-May. As a result of several initiatives taken, JK Tyre recovered fast and achieved the highest sales in the third quarter of FY21 and fourth quarter of FY21 increasing its market presence, he added.

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