Mumbai, May 21 (IANS): JK Tyre & Industries Ltd on Tuesday reported a 56 per cent jump in its consolidated net profit at Rs 169.33 crore for the January-March quarter of 2023-24 compared to the corresponding figures of Rs 108.38 crore reported in the same period of the previous year.
The firm’s revenue from operations increased by 1.8 per cent to Rs 3,698.45 crore from Rs 3,632.47 crore in the same quarter last year, according to a regulatory filing.
The company also announced a final dividend of Rs 3.50 per equity share for FY24.
JK Tyre CMD Raghupati Singhania said, “This performance is attributed to our continued focus on product premiumisation, widening market reach and tech-enabled manufacturing and digitalisation across operations achieving better efficiencies. Moreover, our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results, reinforcing our financial resilience."
The firm said its exports were flat during the year because of geo-political disruptions that also led to freight hikes. In the next few quarters, the company expects to improve its export volumes.
“We remain optimistic on the tyre demand outlook led by robust infra-spends and buoyed economic activities,” the company said.