New Delhi, August 2, 2019.
Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) today announced its results for Q1 of the current Financial Year. On a Consolidated basis,Net Sales at Rs. 2,581 Crores is higher by 6%. Operating Profit for the Qtr. is Rs. 246 Crores.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director of the Company said, “it was a difficult Quarterfor Auto Industry, which is passing through challenging times. The Quarter ending June 2019 witnessed considerablede-growth in Auto sales. Most of the OEMs have reported heavy reduction in their Sales volumes. Despite this, the Company has recorded 18% growth in the overall replacement market which could partly off-set lower sales in the OEM segment and exports growth of over 50% over the corresponding period with an overall volume growth of 10%”.
Dr Singhania further added, “that profitability during the Qtr has been impacted due to overall slow-down in automotive sector”.
Despite strong headwinds, the company continued its relentless efforts to achieve higher Sales volumes in 2/3 Wheeler segment.
The Company expects the economy to improve from the second half of the current year, when the volumes are expected to pick-up resulting into improvement in profitability.
The Company’s subsidiaries namely, JK Tornel, Mexico and Cavendish Industries Ltd.have performed well during the Quarter.