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”.
