Thursday, Apr 25 2024 | Time 07:27 Hrs(IST)
image
Business EconomyPosted at: May 20 2022 5:22PM


JK Tyre reports 80.39 pc decline Q4 FY22 PAT at Rs 38.22 cr

Mumbai, May 20 (UNI) Tyre manufacturer JK Tyre & Industries on Friday reported a 80.39 per cent decline in consolidated net profit for the quarter ended March 31 at Rs 38.22 crore on the back of higher input cost.
The company had reported a PAT of Rs 194.96 crore in the corresponding period last year.
Its revenues from operations for the quarter under review stood at Rs 3377.83 crore as against Rs 2927.28 crore registering a growth of 15.39 per cent, the company said in a statement issued here.
For the whole year, the tyre maker's PAT stood at Rs 201.24 crore as against Rs 330.93 crore last fiscal, registering a decline of 39.18 per cent.
Its revenues from operations, however, increased to Rs 11982.96 crore from Rs 9102.2 crore in FY2021.
Commenting on the results, Dr Raghupati Singhania, Chairman and Managing Director said that JK Tyre achieved the highest ever revenue of Rs.12,000 crore in FY2022.
“The extraordinary input cost increase in FY2022 has impacted our margins despite all round cost reduction and efficiency improvement measures as well as price increases taken from time to time in all tyre categories," he said.
Singhania further said that the exports contributed significantly to the top-line and were higher by about 60 per cent as compared to last year.
He noted that there is a good demand pick-up post unlocking of the Covid restrictions, resulting in higher volumes in commercial vehicle and passenger car tyre segments, he said.
"We hope that the inflationary pressures will taper down post resolution of the geopolitical tensions and supply chain disruptions," Singhania added.
The company further said that its subsidiaries - Cavendish Industries and JK Tornel, Mexico have made significant contributions to the revenues.
"Both the entities have attained all time high sales for FY2022. We believe this trend should continue in the future as well" he said.
On the outlook of the tyre industry, Singhania said, "We are optimistic about the outlook of the tyre industry as we see improved infrastructural activities, higher automotive demand and better external environment. The company has undertaken an expansion of its PCR capacity at a cost of Rs 530 crore. The additional volumes are expected to be available by the end of 2023 and will enhance sales and profitability."
UNI PSK MYK
Please log in to get detailed story.
Tags: #JK Tyre reports 80.39 pc decline Q4 FY22 PAT at Rs 38.22 cr
More News

NSE launches derivatives on Nifty Next 50 Index

24 Apr 2024 | 9:16 PM

Mumbai, Apr 24 (UNI) National Stock Exchange of India Ltd (NSE), the world’s largest derivatives exchange for consecutive fifth year in a row in the year 2023 based on contracts traded as published by FIA, launched futures and options contracts on the Nifty Next 50 Index on Wednesday.

see more..

KABIL signs MoU with CSIR-NGRI for geophysical investigations

24 Apr 2024 | 7:47 PM

Bhubaneswar, April 24 (UNI) Khanij Bidesh India Limited (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research - National Geophysical Research Institute (CSIR-NGRI) to foster a long-term collaboration in the field of geophysical investigations to bolster its ongoing projects and activities in critical and strategic minerals.

see more..

Dish TV revolutionises entertainment with ‘Dish TV Smart+’ services

24 Apr 2024 | 7:31 PM

Kolkata, Apr 24 (UNI) Dish TV has taken a path-breaking initiative to redefine the entertainment experience in India.

see more..

TRAI recommends sharing of active, passive infra by telecom providers

24 Apr 2024 | 7:03 PM

New Delhi, April 24 (UNI) With a view to improve quality of services and reducing cost, the telecom regulator TRAI on Wednesday recommended sharing of active and passive infrastructure among telecom service providers, a move that would help setting up network quickly across the nation.

see more..

REC to provide loan of Rs 1869 cr to Chenab Valley Power Project in J&K

24 Apr 2024 | 6:38 PM

New Delhi, April 24 (UNI) State-owned non-banking finance company REC Limited has signed an agreement with Chenab Valley Power Project Private Limited (CVPPPL), under which it will provide financial assistance of Rs 1,869.265 crore as a term loan.

see more..
image