JK Tyre & Industries, a leading tyre manufacturer has announced its financial results for FY2023. The company reported revenue of Rs 14,644 crore, up 22 percent, compared to Rs 11,982 crore a year ago. The net profit came at Rs 263 crore compared to Rs 201 crore for the same period last year.
Dr. Raghupati Singhania, Chairman and MD, JK Tyre & Industries said, “JK Tyre has achieved highest ever revenues of Rs14,681 crore during FY2023, registering a growth of 22 percent. This is on account of growth in domestic demand witnessed in key segments, viz., commercial and passenger vehicle tyres. Exports have also performed well, despite global headwinds.”
“Operating margins improved sequentially in the 4th quarter of the financial year 2023, aided by softening in input costs. We remain optimistic on the tyre Industry growth path in the coming year, buoyed by an uptick in economic activities and the big push in infrastructure growth,” he added.
During the year, JK Tyre’s subsidiaries Cavendish Industries and JK Tornel, Mexico performed well with improved volumes, revenues and profitability.
In addition, IFC, a member of the World Bank Group, has invested Rs 240 crore ($30 million) in the company by way of CCDs, which reflects its confidence in the future of the company and the tyre industry at large.