JK Tyre's net profit jumps by over three times to Rs 159 crore in Q1 FY24

Tyre industry major JK Tyre & Industries (JK Tyre) reported a consolidated net profit of Rs 159 crore during Q1 FY24, a jump of 368% from Rs 34 crore in Q1 FY23. The increase was driven by an increased premiumisation of the product mix, aided by stable input costs. 

JK Tyre's revenue from operations increased by 13% to Rs 3726 crore in Q1 FY24 from Rs 3643.03 crore in Q1 FY23. 

Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director said, "The financial year 2024 has started on a positive note, in terms of better profitability as a result of our continued focus on premiumisation of the product mix, indeed aided by stable input costs."

Singhania added that there seems to be buoyancy in demand in the replacement and OEM segments across product categories, driven by a healthy macroeconomic environment. Export demand is also expected to revive in the coming months. With a good monsoon, a continuing thrust on infrastructure, and the festive season coming ahead, we remain optimistic on demand for tyres," he continued.

The JK Tyres leadership added that its subsidiaries, Cavendish Industries and JK TomeI, Mexico, continued to perform well, contributing to the company's overall revenues and profitability.

Singhania further added, "We are confident that India's growth story will provide us tremendous opportunities, and we are aligning our strategies to pave the way for accelerated growth in the years ahead."