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JK Tyre records 8 pc increase in revenue in FY-18

JK Tyre records 8 pc increase in revenue in FY-18

New Delhi, May 17 (UNI) Indian Tyre Industry major, JK Tyre and Industries Ltd (JKTIL) registered a growth of 8 percent in revenue in fiscal 2017-18.

Announcing its result on Wednesday, the company said Net Revenue for the year at Rs 8272 recorded an increase of 8 per cent.

Q4 performance significantly improved with Operating Profit at Rs 442 crore and Profit Before Tax (PBT) at Rs 250 crore. Operating Profit for the year was Rs 883 crore and PBT for the year was Rs 107 crore on a consolidated basis.

Commenting upon the results, JKTIL Chairman and Managing Director Raghupati Singhania said, “in the year 2017-18, the sales volumes at JK Tyre grew by 11 per cent. The Company registered a growth higher than the industry at large, which helped JK Tyre increase its presence across categories especially in Truck, Light Truck, SCV, Farm and OTR Tyres”.

Mr Singhania further said the company’s margin was impacted owing to unprecedented increase in oil prices during the year.

Mr Singhania said, introduction of radial tyres in Truck and Bus JK Tyre , pioneered by his company, further accelerated to 47per cent during the year and is expected to cross 50 per cent in the coming year. JK Tyre maintained its leadership in this growing segment.

The company said, with the continued focus on rural economy and infrastructure, the Indian economy is surging ahead. Auto Industry is also keeping pace with the economic growth. JK Tyre is future ready to capture this higher demand in the coming year.

The imposition of much awaited anti-dumping duty on cheap Chinese truck/bus radial tyres was indeed a welcome step and has helped enhancing volumes, Mr Singhania added.

UNI JPG SHK 1845

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