JK Tyre & Industries on Monday posted 60.96 per cent decline in its standalone net profit at Rs 33.70 crore for the quarter ended March 31, 2013.

The company had a standalone net profit of Rs 86.34 crore in the January-March quarter of the previous fiscal, 2011-12.

JK Tyre net sales was Rs 1,377.19 crore in the fourth quarter ended March 30, 2013 from Rs 1485.39 crore in the year-ago period, it said in a statement.

However, for the financial year ended in March 2013, JK Tyre posted a profit of Rs 105.54 crore. For 2011-12 fiscal, it was Rs 11 crore only.

JK Tyre net sales in 2012-13 was Rs 5,405.58 crore as compared to Rs 5,462.01 crore in fiscal 2011-12.

The company has also recommended a dividend of Rs 3.50 per equity share i.e. 35 per cent for the financial year ended 31st March, 2013.

The company’s scrip closed today at Rs 117.55 per share, up 1.82 per cent from previous close on the BSE.

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