JK Tyre’s delivers 3x profit in Q3FY24

Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its unaudited results for Q3 of FY2024.

In Q3FY24, the company recorded a net revenue of Rs.3,700 Crs. and achieved an EBIDTA of Rs.563 Crs. clocking a remarkable growth of 61% compared to the same period last year.

Notably, the net debt at Rs.3,456 Crs. registered a 24% reduction from the levels recorded in March 2023.

Based on the performance of the Company, the Board has decided and declared an interim dividend of Re.1 per equity share (50%) having face value of Rs.2 per share.

Dr. Raghupati Singhania, the Chairman and Managing Director (CMD), stated, "At JK Tyre, we remain committed to achieving profitable growth centered on product premiumization, volume expansion, and optimizing our product mix. The demand outlook remains optimistic, driven by the strong momentum in economic activity and positive consumer sentiments, across product categories.

The global demand scenario is still challenging due to geo-political disturbances affecting exports during the quarter.

Highlighting the significant contributions of subsidiaries, namely Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, Dr. Singhania acknowledged their role in bolstering the company's overall revenues and profitability.

We have successfully raised Rs.500 Crs. by way of QIP in December 2023, which received an overwhelming response from investors at large, reinforcing investor’s confidence in JK Tyre’s growth story”.

About JK Tyre & Industries Limited

The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 20 manufacturers in the world. Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is currently the market leader in Truck Bus Radial segment. The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.

The Company has 12 globally benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 3 in Mexico – that collectively produce around 34 million tyres annually. The Company also has a strong network of over 6000 dealers and 700+ dedicated Brand shops called as Steel Wheels, Truck Wheels and Xpress Wheels. JK Tyre exports to about 100 countries with over 230 global distributors.

JK Tyre’s unwavering commitment towards innovation is reflected through its state-of-the-art global research and technology centre – the Raghupati Singhania Centre of Excellence - in Mysore, which houses some of the world’s finest technologies and techniques.

JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure Monitoring Systems (TPMS) which monitors the tyre’s vital statistics, including pressure and temperature. In 2020, the company rolled out its 20 millionth Truck/Bus Radial tyre becoming the first and the only Indian company to achieve this milestone.

JK Tyre is the only Indian tyre manufacturer to be included in the list of Superbrands India in 2021 for the eighth consecutive year. Additionally, JK Tyre was featured among India’s Best Companies to Work For in 2022 by Great Place to Work. Another remarkable addition to the list of the brand's accolades is being a 4-time recipient of the Economic Times - Iconic Brand of the Year Award. JK Tyre has been conferred with most coveted Safety award in the world -the Sword of Honour for Safety across its plants by the British Safety Council, UK. The company entered the Limca Book of Records with the country’s largest off-the-road tyre - VEM 04.

JK Tyre secures ‘Best in Class’ grading for second consecutive year in ESG performance - CareEdge has undertaken ESG rating of the Company. JK Tyre also received award to be among the India’s top 30 Most Sustainable companies, organized by Business world.

JK Tyre is also synonymous with motorsport in the country. For over three decades, the Company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.

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