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ICICI Direct Report
JK Tyre and Industries Ltd. reported a healthy performance in Q3 FY23.
Among geographies, de-growth for the quarter was led by Mexican geography. India revenues de-grew 1% QoQ to Rs 3,106 crore while Mexico operations posted a decline of 16% to Rs 607 crore (seasonal in nature).
JK Tyre has also announced preferential issuance of compulsory convertible debentures (6%) to International Finance Corporation aggregating to Rs 240 crore convertible in equity shares at Rs 180.5/share.
On the margin front, gross margins expanded 330 bps sequentially. India Ebit margins recovered ~196 bps QoQ to 6.9%, with Mexico Ebit margins down ~150 basis points QoQ to 5.6%.
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