Indian tire manufacturer JK Tyre & Industries has reported a consolidated net profit of Rs464 Crore (US$74.2m) for the fiscal year ending March 31, 2016 – an increase of 41% over the previous fiscal year. The company achieved consolidated turnover of Rs7654 Crore (US$1.2bn). On a standalone basis, JK Tyre achieved a turnover of Rs6580 Crore (US$1.1bn) with a PAT of Rs401 Crore, (US$64.2m) an impressive increase of 58% over the fiscal year 2014-2015.
Dr Raghupati Singhania, chairman and managing director, JK Tyre & Industries, said, “JK Tyre has had a robust year with profits at their highest. With the auto industry taking off to a positive start in 2016, the outlook for the current fiscal is promising and we are confident of strengthening our position further this year. The company has performed well despite challenges from the dumping of cheap Chinese tires and a surge in rubber prices.”
The expansion at JK Tyre’s TBR and PCR tire business at the Chennai plant at an expense of Rs1430 Crore (US$229m) was also completed during the year.
JK Tornel, the company’s wholly-owned subsidiary in Mexico, continues to perform well, where the expansion of PCR capacity by 50% was also completed during the year.
May 19, 2016
