JK Tyre achieves record-breaking revenues and profits in FY24

24 May 2024 CW Team

Indian Tyre Industry major, JK Tyre & Industries (JK Tyre) announced its audited results for FY2024. The Board has recommended a dividend of Rs 4.50 per equity share (including interim dividend of Rs 1.00 per equity share already paid) i.e. 225 per cent for the financial year ended 31 March, 2024.

Commenting on the results, Dr Raghupati Singhania, Chairman and Managing Director (CMD), said, ?JK Tyre achieved highest ever sales & profits during FY2024. Sales at Rs 150.46 billion was marginally higher with EBIDTA of Rs 21.22 billion increasing by 59 per cent and PAT of Rs 8.11 billion registering a 2X increase. This performance is attributed to our continued focus on product premiumisation, widening market reach and tech enabled manufacturing & digitalisation across operations achieving better efficiencies. Moreover, our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results, reinforcing our financial resilience?.

Profit after tax of Rs 8.11 billion is after making provisions of Rs 1.06 billion for liability towards ?Extended Producer?s Responsibility? imposed by Govt of India on the tyre industry.

During the year exports were flat in face of geo-political disruptions including freight hikes. In the coming quarters, company expects to improve its export volumes.

JK Tyre?s subsidiaries, Cavendish Industries (CIL) and JK Tornel, Mexico, continued to make significant contributions to the overall revenues and profitability of the company. We remain optimistic on tyre demand outlook led by robust infra-spends and buoyed economic activities which will help us move towards our vision of becoming a green & trusted mobility partner.

During FY24, JK Tyre raised Rs 5 billion through QIP that helped deleverage in balance sheet.

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