Shares of JK Tyre and Industries Ltd. hit an all-time high on Thursday after its consolidated net profit jumped five times in the second quarter.
The company's profit increased to Rs 248.6 crore compared to Rs 49.6 crore in the year-ago period, according to an exchange filing on Wednesday. It also beat the consensus analyst estimates of Rs 203.4 crore.
JK Tyre Q2 FY24 Earnings Highlights (Consolidated, YoY)
Revenue up 3.8% at Rs 3,897.5 crore vs Rs 3,756.5 crore (Bloomberg estimate: Rs 4,007.9 crore).
Ebitda up 98% at Rs 589.1 crore vs Rs 297.4 crore (Bloomberg estimate: Rs 543.2 crore).
Margin at 15.11% vs. 7.91% (Bloomberg estimate: 13.6%).
Net profit up 401.1% at Rs 248.6 crore vs. Rs 49.6 crore (Bloomberg estimate: Rs 203.4 crore).
JK Tyre's stock rose as much as 13.99% to Rs 351.25 apiece during the day. It pared gains to trade 8.47% higher at Rs 334.25 apiece compared to a 0.84% advance in the benchmark NSE Nifty 50 as of 9:52 a.m.
It has fallen 81.1% on a year-to-date basis. The total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 68.6.
Two out of the five analysts tracking JK Tyre maintain a 'buy' rating on the stock, as many recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 6.1%.
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