JK Tyre & Industries Ltd. (JK Tyre) today announced its unaudited results for Q1 of FY2024. The tyre major recorded a total revenue of Rs 3,726 crore for the first quarter of the current fiscal up from Rs 3,650 crore recorded during the same period of the last fiscal, resulting in a 2% YoY increase.
According to a release shared to the BSE, JK Tyre earned a consolidated profit after tax (PAT) of Rs 159 crores during Q1FY24, a 4.5 times growth from Rs 35 crore during the first quarter of last fiscal. The figures also stated exports worth Rs 587 crore, a YoY growth of 8%.
The company further stated that volumes increased by 3% over the previous quarter. JK Tyre’s operating profitability increased to Rs 465 crores, a jump of 60%. The profit margin expanded by 451 bps on YoY basis that was led by improved operational efficiencies, product premiumisation, digitalisation and cost optimisation, which are further aided by stable raw material prices.
JK Tyre intends to strengthen its market position across segments by focusing on increasing volumes across all product segments, expanding distribution channels through exclusive brand shops, and extensive use of digital and AI tools.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “The financial year 2024 has started on a positive note, in terms of better profitability as a result of our continued focus on premiumization of the product mix, indeed aided by stable input costs.”
The tyre company aims to enhance its geographical reach to foreign markets such as Europe, Australia, and South Africa with a wide range of products including new range of Eco products electric cars and buses. JK Tyre has already developed an (EV)-specific Smart radial tyres for all categories of trucks, buses, LCVs and passenger cars in India.
