JK Tyre and Industries' Q3 profit up 24%, income rises 17%
ECONOMY & POLICY

JK Tyre and Industries' Q3 profit up 24%, income rises 17%

JK Tyre and Industries, one of the largest tyre manufacturers in India posted a consolidated net profit of Rs 66.75 crore during the October to December quarter of 2022-23, up 24 per cent from Rs 53.92 crore during the same period last financial year.

The company’s total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22. “For several quarters, raw material cost was going up, during the current quarter it softened. We have seen an increase in overall efficiency and total volume too has gone up by 10 per cent during the current quarter. Still, the entire recovery has not happened and some under-recovery is there,” said Anuj Kathuria, President (India), JK Tyre.

The company’s board has cleared its plans to raise up to Rs 240 crore through the issue of securities. “The Board has approved the issuance of 24,000 Compulsorily Convertible Debentures (carrying an interest at the rate of6 per cent per annum, compounded cumulatively on a quarterly basis) to International Finance Corporation by way of a preferential issue on a private placement basis, for raising an amount aggregating up to Rs 240 crore, which shall be convertible into equity shares of the Company at a conversion price of Rs 180.50 each,” a statement said.

Kathuria added that the company will post improved numbers during the fourth quarter. “Quarter four is generally very good for the auto industry as well as the tyre industry. We expect that this year will also be the same. Last year, Q4 was high, so we have a higher base,” he added.

Also Read
India committed to reach net-zero by 2070
Rajkot Cricket Stadium decks up with energy efficient LEDs

JK Tyre and Industries, one of the largest tyre manufacturers in India posted a consolidated net profit of Rs 66.75 crore during the October to December quarter of 2022-23, up 24 per cent from Rs 53.92 crore during the same period last financial year. The company’s total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22. “For several quarters, raw material cost was going up, during the current quarter it softened. We have seen an increase in overall efficiency and total volume too has gone up by 10 per cent during the current quarter. Still, the entire recovery has not happened and some under-recovery is there,” said Anuj Kathuria, President (India), JK Tyre. The company’s board has cleared its plans to raise up to Rs 240 crore through the issue of securities. “The Board has approved the issuance of 24,000 Compulsorily Convertible Debentures (carrying an interest at the rate of6 per cent per annum, compounded cumulatively on a quarterly basis) to International Finance Corporation by way of a preferential issue on a private placement basis, for raising an amount aggregating up to Rs 240 crore, which shall be convertible into equity shares of the Company at a conversion price of Rs 180.50 each,” a statement said. Kathuria added that the company will post improved numbers during the fourth quarter. “Quarter four is generally very good for the auto industry as well as the tyre industry. We expect that this year will also be the same. Last year, Q4 was high, so we have a higher base,” he added. Also Read India committed to reach net-zero by 2070 Rajkot Cricket Stadium decks up with energy efficient LEDs

Next Story
Infrastructure Transport

Anand Vihar and Punjabi Bagh Flyovers Ready

Work on two major road infrastructure projects, the Anand Vihar flyover and the Punjabi Bagh flyover, has been completed but are yet to be opened for public use, according to officials. Located in highly congested areas, work on these projects started around two years ago. "The work on the flyover is complete and it is ready for opening," said a PWD official on Wednesday. According to sources, both the flyovers are likely to be inaugurated closer to the assembly elections in Delhi, scheduled for early next year. During the time the work was under way, motorists faced heavy traffic congestion ..

Next Story
Infrastructure Transport

RDSO finalise oscillation trials on Indore Metro

Indore Metro Phase 1 advances with the completion of oscillation and brake performance trials on the Yellow Line through three coaches manufactured by Alstom conducted by Research Design and Standards Organisation (RDSO). The oscillation trials were conducted with an aim to evaluate the stability and performance of the three different coaches during the movement, ensuring that the commencement of operation on Indore metro meets the safety and performance standard. The Emergency Braking Distance (EBD) was also reviewed by the RDSO team to evaluate the efficient stopping of trains during the op..

Next Story
Infrastructure Urban

IIT Guwahati develops sustainable geopolymer

A research team at the Indian Institute of Technology Guwahati, led by Prof. Anil K. Mishra from the Department of Civil Engineering, has developed an innovative solution to two major global challenges: industrial waste management and sustainable construction. Their research focuses on creating a geopolymer using industrial byproducts and waste materials, such as water treatment sludge (WTS), fly ash (FA), and ground granulated blast furnace slag (GGBS). “With the rapid pace of urbanisation and industrialisation, managing industrial waste has become a critical global issue," said IIT Guwaha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000