JK Tyre Q3 net profit rises 55 per cent to Rs 59 crore

JK Tyre and Industries on Tuesday reported a 55.62 per cent increase in consolidated net profit at Rs 59.03 crore for the third quarter that ended in December 2013.

The company had reported a consolidated net profit of Rs 37.93 (rpt) 37.93 crore in the corresponding quarter of the previous fiscal year (FY13).

JK Tyre's consolidated net sales during the quarter under review also rose to Rs 1,703.42 crore from Rs 1,668.35 crore in the same period last fiscal, the company said in a statement.

"The company has performed well during the quarter despite a subdued demand for tyres. Indian automobile industry is passing through a difficult phase as both passenger cars and commercial vehicles registered a negative growth. JK Tyre has been able to face these challenging times," JK Tyre and Industries CMD Raghupati Singhania said.

JK Tornel, Mexico continues to perform well which has added to the bottom line of JK Tyre, he said.

Shares in JK Tyre, on Tuesday, ended at Rs 148.05 apiece on the BSE, up 0.61 per cent from the previous close.