Indian tyre major, JK Tyre & Industries (JK Tyre) has announced its unaudited results for second quarter of FY2023.
The company posted its highest-ever quarterly revenue at Rs 3,764 crore in Q2 FY2023, which was 26 percent higher compared to the same period last year. The EBITDA came at Rs 305 crore and profit after tax at Rs 49 crore.
Dr. Raghupati Singhania, Chairman and MD (CMD), JK Tyre & Industries said, “JK Tyre has delivered another quarter of highest ever revenues at Rs 3,764 crore, up by 26% on YoY basis. Our strong presence in the OEM and strength of our innovative, high performance, diversified product portfolio and high brand imagery. Operating margins have somewhat improved due to better market conditions.”
He said that the company continues to achieve robust growth in domestic volumes across products, i.e., commercial and passenger tyre segments.
Dr Singhania mentioned that during the quarter, OEM offtake improved post-easing in semiconductor supplies, festive season and good traction in economic activities.
“Furthermore, exports continue to contribute significantly to our revenue growth, despite an increasingly challenging geo-political and economic situation. We are confident that our product performance and distribution network will enable us to sustain this growth in exports,” he added.
JK Tyre’s subsidiaries Cavendish Industries and JK Tornel, Mexico also contributed well to the overall growth.
“We believe domestic demand shall continue to grow on the strength of improved economic activities, sustained focus of government on infrastructural spends and making India an integral part of global value chain,” concluded Dr Singhania.