New Delhi, August 1, 2019 : Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) today announced its results for Q1 of the current Financial Year.On a Consolidated basis,Net Sales at Rs. 2,581 Crores is higher by 6%. Operating Profit for the Qtr. is Rs. 246 Crores.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director of the Company said, “it was a difficult Quarter for Auto Industry, which is passing through challenging times. The Quarter ending June 2019 witnessed considerable growth in Auto sales. Most of the OEMs have reported heavy reduction in their Sales volumes. Despite this, the Company has recorded 18% growth in the overall replacement market which could partly off-set lower sales in the OEM segment and exports growth of over 50% over the corresponding period with an overall volume growth of 10%”.
Dr Singhania further added, “that profitability during the Qtr has been impacted due to overall slow-down in automotive sector”.
Despite strong headwinds, the company continued its relentless efforts to achieve higher Sales volumes in 2/3 Wheeler segment.
The Company expects the economy to improve from the second half of the current year, when the volumes are expected to pick-up resulting into improvement in profitability.
The Company’s subsidiaries namely, JK Tornel, Mexico and Cavendish Industries Ltd.have performed well during the Quarter.