New Delhi: JK Tyre & Industries on Tuesday reported a consolidated net profit of Rs 100.26 crore for the fiscal first quarter that ended on June 30.
JK Tyre & Industries had posted consolidated net profit of Rs 117.07 crore for the corresponding period a year ago, it said in a filing to the BSE.
Net sales during the period under review stood at Rs 1,703.86 crore, as against Rs 1,749.11 crore in the year-ago period. Since the financial results also included those of Cavendish Industries Ltd, which the company had acquired in middle of April, the figures were not comparable, it added.
JK Tyre & Industries chairman and managing director Raghupati Singhania said the company continued to make deeper inroads in the Indian market with higher sales volumes of both truck/bus radials and passenger radials.
"Monsoons have had a good start and it is expected to be above normal. This augurs well for tyre industry, particularly in agriculture sector apart from revival of rural demand," he added.
After the acquisition of Cavendish Industries in April, its operations were restarted around mid-May 2016, Mr Singhania said.
"This is a strategic acquisition as it has helped us acquire the readymade truck/bus radial capacity, a critical area for growth, where JK Tyre enjoys the Leadership position in the market place," he added.
Furthermore, it is significant for the company, as it has entered the two- and three-wheeler segment, a high growth area, where JK Tyre is expecting to be a formidable player, he said.
Expressing concern over dumping of cheap tyres from China, Mr Singhania said, "It is indeed a matter of great concern that Chinese tyres continue to flood Indian market, more particularly, in the Truck/Bus radial (TBR) segment which is causing great injury to the Indian tyre industry."
Stating that the domestic players have made significant investment for creating TBR capacity in the last few years, he said the industry has "made several representations to the government to take urgent measures to arrest indiscriminate dumping of these cheap Chinese tyres in India, and expects an early action".
Shares in JK Tyre & Industries, on Tuesday, ended 0.47 per cent lower at Rs 105.10 apiece on the BSE, whose benchmark Sensex index finished down 0.35 per cent.
JK Tyre & Industries had posted consolidated net profit of Rs 117.07 crore for the corresponding period a year ago, it said in a filing to the BSE.
Net sales during the period under review stood at Rs 1,703.86 crore, as against Rs 1,749.11 crore in the year-ago period. Since the financial results also included those of Cavendish Industries Ltd, which the company had acquired in middle of April, the figures were not comparable, it added.
JK Tyre & Industries chairman and managing director Raghupati Singhania said the company continued to make deeper inroads in the Indian market with higher sales volumes of both truck/bus radials and passenger radials.
"Monsoons have had a good start and it is expected to be above normal. This augurs well for tyre industry, particularly in agriculture sector apart from revival of rural demand," he added.
After the acquisition of Cavendish Industries in April, its operations were restarted around mid-May 2016, Mr Singhania said.
"This is a strategic acquisition as it has helped us acquire the readymade truck/bus radial capacity, a critical area for growth, where JK Tyre enjoys the Leadership position in the market place," he added.
Furthermore, it is significant for the company, as it has entered the two- and three-wheeler segment, a high growth area, where JK Tyre is expecting to be a formidable player, he said.
Expressing concern over dumping of cheap tyres from China, Mr Singhania said, "It is indeed a matter of great concern that Chinese tyres continue to flood Indian market, more particularly, in the Truck/Bus radial (TBR) segment which is causing great injury to the Indian tyre industry."
Stating that the domestic players have made significant investment for creating TBR capacity in the last few years, he said the industry has "made several representations to the government to take urgent measures to arrest indiscriminate dumping of these cheap Chinese tyres in India, and expects an early action".
Shares in JK Tyre & Industries, on Tuesday, ended 0.47 per cent lower at Rs 105.10 apiece on the BSE, whose benchmark Sensex index finished down 0.35 per cent.
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