Moneycontrol
Feb 14, 2018 09:44 AM IST | Source: Moneycontrol.com

JK Tyre slips 6% on poor Q3 numbers; to raise Rs 1,000 cr via private placement

The company's Q3 net profit was down 88.43 percent at Rs 9.97 crore against Rs 86.19 crore in the same quarter last year.

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Share price of JK Tyre and Industries slipped 6 percent intraday Wednesday as company reported poor numbers in the quarter ended December 2017.

The company's Q3 net profit was down 88.43 percent at Rs 9.97 crore against Rs 86.19 crore in the same quarter last year.

Revenue of the company was up 15 percent at Rs 2,123 crore.

The operating profit (EBITDA) was down 16 percent at Rs 212 crore and margin was down 370 bps at 10 percent

The board at its meeting held on February 12 approved raising of funds for an amount upto Rs 1,000 crore.

The fund will raise by issue of securities, convertible/non-convertible, by way of private offerings and/or qualified institutions placement or any combination thereof, subject to such approvals as may be required, in one or more tranches, to eligible investors in such manner and on such terms and conditions including security, rate of interest, etc. as may be permitted under applicable laws.

At 09:39 hrs JK Tyre and Industries was quoting at Rs 179.80, down Rs 10.55, or 5.54 percent.

Posted by Rakesh Patil
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