Leading Indian Tyre Industry major, JK Tyre and Industries Ltd. (JK Tyre), has announced its unaudited financial results for the first quarter of the fiscal year 2024.
The company reported robust growth in net profit and overall revenues, demonstrating a positive start to the financial year.
Key highlights from the Q1FY24 financial results are as follows:
- Net Revenues: Rs 3,726 crore
- EBIDTA Rs 465 crore
- EBIDTA Margin: 12.5 per cent
- Profit Before Tax: Rs 242 crore
- Profit After Tax: Rs159 crore
Raghupati Singhania, Chairman, and Managing Director, JK Tyre, attributed the better profitability to the company's focus on premiumisation of its product mix and stable input costs. Additionally, buoyancy in demand in the replacement and OEM segments across product categories, fueled by a healthy macro-economic environment, has played a crucial role in bolstering the company's financial position. The revival of export demand is also anticipated in the coming months.
With favorable monsoon conditions, a continued emphasis on infrastructure development, and the upcoming festive season, there is a future demand for tyres in the domestic market.
