JK Tyre profit declines 35% ₹109.68 cr.

JK Tyre & Industries on Wednesday posted a year-on-year decline of 34.59% in its consolidated net profit to ₹109.68 crore for the July-September 2020, quarter.

However, it has shown a strong growth over the April-June 2020 quarter when it had registered a loss of ₹204.17 crore due to the pandemic outbreak.

Revenue from operations, however, increased 5.5% to ₹2,274.84. Revenue from operation almost doubled from ₹1,130.80 in the previous quarter.

“JK Tyre achieved higher sales on the back of economic recovery, more so in the automotive sector, which has taken place during the quarter,” said Raghupati Singhania, CMD.

“The company was well positioned to take benefit of this emerging opportunity, and could achieve healthy sales in the replacement market.The renewed thrust on exports resulted in higher export sales of ₹337 crore during the quarter.”

Meanwhile, the company’s board also approved the appointment of Anshuman Singhania, deputy managing director, as MD for a term of five years effective October 21, 2020.