JK Tyre share price spikes 12%, hits 52-week high after Q3 profit surges to Rs 230 crore
The tyre manufacturer reported a multi-fold jump in consolidated net profit at Rs 230.46 crore in the third quarter ended December 31, 2020, riding on robust sales and favourable foreign exchange fluctuations.
January 22, 2021 / 09:56 AM IST
JK Tyre | The company reported sharply higher consolidated profit at Rs 230.7 crore in Q3FY21 against Rs 108.9 crore in Q3FY20, revenue rose to Rs 2,769.3 crore from Rs 2,274.8 crore YoY.
JK Tyre and Industries share price jumped more than 12 percent in the morning session on January 22, a day after the company reported a multi-fold jump in consolidated net profit to Rs 230.46 crore in the third quarter ended December 31, 2020, riding on robust sales and favourable foreign exchange fluctuations.
The tyre manufacturer had posted a consolidated net profit of Rs 10.27 crore in the third quarter of the last fiscal, JK Tyre & Industries said in a regulatory filing.
Consolidated revenue from operations during the period stood at Rs 2,769.28 crore as against Rs 2,199.80 crore in the corresponding quarter last fiscal, it added.
"For the quarter, exceptional items include favourable foreign exchange fluctuation of Rs 40.18 crore," the company said.
"JK Tyre turned out an excellent performance in Q3—in terms of sales and profitability. This was largely driven by the increased demand for passenger, commercial vehicle as well as farm tyres," JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said.
The stock was trading at Rs 130.75, up Rs 15.15, or 13.11 percent. It has touched a 52-week high of Rs 132. It has hit an intraday low of Rs 126.05.