Bangalore, October 2020.
Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) today announced its results for the second Quarter of the current financial year. On a consolidated basis, it recorded a Sale of Rs.2290 Crores, while Operating Profit was Rs.368 Crores and the Profit before Tax was Rs.167 crores.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director of the Company said, “JK Tyre achieved higher sales on the back of economic recovery, more so in the automotive sector, which has taken place during the quarter. The Company was well positioned to take benefit of this emerging opportunity, and as a matter of fact, it could achieve healthy sales in the replacement market, doing better than the industry. The renewed thrust on exports resulted in higher Export Sales of Rs. 337 Crores during the quarter.”
Dr Singhania added that “Profitability improved significantly due to aggressive cost cutting, more particularly Fixed costs. The Company could achieve savings in interest costs due to its ability to reduce its working capital requirements.”
Dr Singhania further mentioned that Company’s subsidiaries i.e., Cavendish and JK Tornel, Mexico, contributed significantly to both, improved Sales and Profitability”.
The Board of Directors has appointed Mr. Anshuman Singhania as Managing Director of JK Tyre & Industries effective 21st October, 2020. Mr. Anshuman joined the Company as an Executive and over the years has been deeply involved in various activities of the Company in different positions, current being Dy. Managing Director. During this period, he has demonstrated leadership and vision under the mentorship of Dr. Raghupati Singhania, CMD and the Board.
Dr Singhania concluded, that he expects the Indian economy to sustain its growth momentum in the coming quarters as well.