Bengaluru, January 2021.
Indian tyre industry major, JK Tyre & Industries Ltd. (JK Tyre) announced record financials for the third quarter of the current financial year. Consolidated Sales at Rs.2776 Crores grew 26% – best ever sales for any quarter. EBITDA doubles to Rs.507 Crores and PBT recorded multifold increase to Rs.343 Crores, compared with the corresponding Qtr.
Sales on a standalone basis aggregated Rs.1851 Crores with EBITDA of Rs.312 Crores and PBT of Rs.196 Crores.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director, said, “JK Tyre turned out an excellent performance in Q3 – in terms of Sales and Profitability. This was largely driven by the increased demand for Passenger, Commercial vehicle as well as Farm tyres. Continued focus on improvement in operating efficiencies and reduction in interest costs, contributed to improved profitability.”
Dr Singhania added “All nine, JK Tyre plants in India, operated at close to 96% capacity utilization during Q3. It is a matter of satisfaction that some of the plants have achieved certain global benchmark operating parameters.”
Cavendish Industries Ltd., a JK Tyre subsidiary, also recorded excellent results in the Q3 of 2020-21. Capacity utilization at its 3 plants was nearly 95%. Cavendish achieved Sales of Rs.788 Crores and attained an all-time high PBT of Rs.92 Crores during the quarter under review.
Besides, the Company’s subsidiary in Mexico – JK Tornel, continued to perform well, marked by a significant improvement in Sales and Profitability.
The Company foresees a sustained Sales and Profitability during the coming period.