Mumbai, August 08, 2022: Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its unaudited results for the first quarter of FY2022-23.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre has achieved its highest ever sales at Rs.3,650 crore, a 39% increase over the corresponding quarter. There has been a healthy pickup in demand both for passenger as also commercial tyres, both in the replacement and original equipment markets. The Company continued its focus on differentiated product offerings and driving premiumisation. Furthermore, exports have performed well.”
Raw material and other input costs witnessed an on-going uptrend, thus impacting margins. The company has undertaken multiple price revisions though not to the full extent and will pursue further opportunities.
Cavendish Industries Ltd. and JK Tornel, Mexico, subsidiaries of the company have contributed to the overall growth of the company.
He further added “We are quite optimistic on the India’s growth story and demand outlook in automobile and tyre industry, despite global fears of slowdown, geo-political disturbances and supply chain constraints. We believe domestic consumption and healthy infrastructural spends will drive the growth in near future.