Q1 Profit: JK Tyre & Industries Q1 profit rises over 4-fold to Rs 159cr

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NEW DELHI: JK Tyre & Industries on Friday reported an over four-fold rise in consolidated internet revenue at Rs 158.59 crore for the primary quarter ended June 30, 2023.

The corporate had posted a consolidated internet revenue of Rs 35.13 crore for a similar interval of the final fiscal, JK Tyre & Industries stated in a regulatory submitting.
Income from operations was at Rs 3,718.08 crore as in comparison with Rs 3,643.03 crore within the year-ago quarter, it added.

Complete bills had been decrease at Rs 3,489.01 crore as towards Rs 3,557.97 crore in the identical interval a yr in the past.
“The monetary yr 2024 has began on a optimistic be aware, when it comes to higher profitability on account of our continued give attention to premiumisation of the product combine, certainly aided by steady enter prices,” JK Tyre & Industries Chairman and Managing Director Raghupati Singhania stated.
He additional stated, “We’re witnessing buoyancy in demand within the substitute and OEM segments throughout product classes, pushed by a wholesome macro-economic surroundings. Export demand can be anticipated to revive within the coming months.”
JK Tyre’s subsidiaries Cavendish Industries Ltd and JK Tornel, Mexico continued to carry out nicely, with a wholesome contribution to the corporate’s general revenues and profitability, Singhania stated.
On the outlook, he stated, “With good monsoon, persevering with thrust on infrastructure and festive season coming forward, we stay optimistic on demand for tyres. We’re assured that India’s development story will present us super alternatives and we’re aligning our methods to pave the way in which for accelerated development within the years forward.”

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