JK Tyre and Industries on May 21 posted 56 percent rise in consolidated net profit on sustained demand for the fourth-quarter at Rs 169.33 crore. Its net profit stood at Rs 108.38 crore in the corresponding period of the previous year.
Sequentially, however, the company's profit declined 23.35 percent against Rs 220.92 crore posted in the December quarter.
The firm’s revenue from operations rose 1.8 percent to Rs 3,698.45 crore as compared to Rs 3,632.47 crore a year ago, it said in a stock exchange filing.
The company also announced final dividend of Rs 3.50 per equity share for FY24.
Raghupati Singhania, chairman and managing director (CMD), said, “This performance is attributed to our continued focus on product premiumisation, widening market reach and tech enabled manufacturing & digitalization across operations achieving better efficiencies. Moreover, our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results, reinforcing our financial resilience."
The firm said its exports were flat during the year because of geo-political disruptions including freight hikes. In the next few quarters, the company expects to improve its export volumes.
“We remain optimistic on tyre demand outlook led by robust infra-spends and buoyed economic activities which will help us move towards our vision of becoming a green & trusted mobility partner,” the company statement said.
In FY24, JK Tyre raised Rs500 crore through QIP that helped deleverage its balance sheet.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
