JK Tyres reports multifold jump in its consolidated net profit to Rs 249 crore during Q2FY24

JK Tyre & Industries on Wednesday reported a multifold jump in its consolidated net profit of Rs 248.62 crore during Q2 FY24, as against Rs 49.61 crore in Q2 FY23. The company's revenues from operations stood 4% higher  at Rs 3905.32 crore during Q2 FY24 as against Rs 3,764.34 crore.

Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre continues its robust performance in Q2 FY24, driving revenues with a multifold increase in profitability. The sustained thrust on larger market presence enabled us to boost volumes across segments and product categories."

"The strategic focus on enrichment of product mix across the entire radial range (PCR, LTR, and TBR) has had a positive outcome. Cost compression and the ongoing efforts to enhance internal efficiencies remain the bedrock of our operations," he added. 

He further added, “Export sales recorded a healthy double-digit growth over the sequential quarter”.

JK Tyre’s top management added that the company's subsidiaries, Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, continueto perform well, with a significant contribution to the company’s overall revenues and profitability. CIL has registered increased profit margins during the quarter, they added.