New Delhi: JK Tyres & Industries on Monday reported a 20.5 per cent increase in consolidated net profit at Rs 110.64 crore for the fiscal third quarter that ended on December 31, 2015.
The company had posted a consolidated net profit of Rs 91.81 crore for the corresponding period a year ago.
Net sales during the period under review stood at Rs 1,597.74 core as against Rs 1,825.76 crore in the year-ago period, down 12.48 per cent, JK Tyres & Industries said in a filing to the BSE.
"Despite challenging times amidst dumping and slow domestic markets, JK Tyre delivered a satisfactory performance," JK Tyre chairman and managing director Raghupati Singhania said.
The auto industry saw some growth in passenger car segment, however commercial vehicle segment is still not out of the woods. Tyre industry exports were hit primarily in the Middle East and South American markets, he added.
During the quarter under review, revenue from India stood at Rs 1,372.04 crore as against Rs 1,523.07 crore in the year-ago quarter.
Revenues from its other major market Mexico were at Rs 249.06 crore as against Rs 324.56 crore a year ago.
Expressing concerns over "unabated dumping of Chinese tyres in the Indian market particularly in truck/bus segment", Mr Singhania said it is causing injury to the industry as the capacity utilization is being impaired.
"It is hoped that the government will urgently take necessary measures to arrest this indiscriminate imports of cheap Chinese tyres," he added.
On the outlook, Mr Singhania said opening up of the mining sector and boost to the infrastructure would see demand revival in the next fiscal year.
"2016 would be a significant year for JK Tyre as we are seriously contemplating entering the high growth 2/3 wheeler segment and become a formidable player," he said.
Shares in JK Tyres & Industries ended the day 1.88 per cent higher at Rs 89.40 apiece on the BSE, whose benchmark Sensex index finished down 1.34 per cent.
The company had posted a consolidated net profit of Rs 91.81 crore for the corresponding period a year ago.
Net sales during the period under review stood at Rs 1,597.74 core as against Rs 1,825.76 crore in the year-ago period, down 12.48 per cent, JK Tyres & Industries said in a filing to the BSE.
"Despite challenging times amidst dumping and slow domestic markets, JK Tyre delivered a satisfactory performance," JK Tyre chairman and managing director Raghupati Singhania said.
The auto industry saw some growth in passenger car segment, however commercial vehicle segment is still not out of the woods. Tyre industry exports were hit primarily in the Middle East and South American markets, he added.
During the quarter under review, revenue from India stood at Rs 1,372.04 crore as against Rs 1,523.07 crore in the year-ago quarter.
Revenues from its other major market Mexico were at Rs 249.06 crore as against Rs 324.56 crore a year ago.
Expressing concerns over "unabated dumping of Chinese tyres in the Indian market particularly in truck/bus segment", Mr Singhania said it is causing injury to the industry as the capacity utilization is being impaired.
"It is hoped that the government will urgently take necessary measures to arrest this indiscriminate imports of cheap Chinese tyres," he added.
On the outlook, Mr Singhania said opening up of the mining sector and boost to the infrastructure would see demand revival in the next fiscal year.
"2016 would be a significant year for JK Tyre as we are seriously contemplating entering the high growth 2/3 wheeler segment and become a formidable player," he said.
Shares in JK Tyres & Industries ended the day 1.88 per cent higher at Rs 89.40 apiece on the BSE, whose benchmark Sensex index finished down 1.34 per cent.
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