JK Tyre and Industries' Q3 profit up 24%, income rises 17%
ECONOMY & POLICY

JK Tyre and Industries' Q3 profit up 24%, income rises 17%

JK Tyre and Industries, one of the largest tyre manufacturers in India posted a consolidated net profit of Rs 66.75 crore during the October to December quarter of 2022-23, up 24 per cent from Rs 53.92 crore during the same period last financial year.

The company’s total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22. “For several quarters, raw material cost was going up, during the current quarter it softened. We have seen an increase in overall efficiency and total volume too has gone up by 10 per cent during the current quarter. Still, the entire recovery has not happened and some under-recovery is there,” said Anuj Kathuria, President (India), JK Tyre.

The company’s board has cleared its plans to raise up to Rs 240 crore through the issue of securities. “The Board has approved the issuance of 24,000 Compulsorily Convertible Debentures (carrying an interest at the rate of6 per cent per annum, compounded cumulatively on a quarterly basis) to International Finance Corporation by way of a preferential issue on a private placement basis, for raising an amount aggregating up to Rs 240 crore, which shall be convertible into equity shares of the Company at a conversion price of Rs 180.50 each,” a statement said.

Kathuria added that the company will post improved numbers during the fourth quarter. “Quarter four is generally very good for the auto industry as well as the tyre industry. We expect that this year will also be the same. Last year, Q4 was high, so we have a higher base,” he added.

Also Read
India committed to reach net-zero by 2070
Rajkot Cricket Stadium decks up with energy efficient LEDs

JK Tyre and Industries, one of the largest tyre manufacturers in India posted a consolidated net profit of Rs 66.75 crore during the October to December quarter of 2022-23, up 24 per cent from Rs 53.92 crore during the same period last financial year. The company’s total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22. “For several quarters, raw material cost was going up, during the current quarter it softened. We have seen an increase in overall efficiency and total volume too has gone up by 10 per cent during the current quarter. Still, the entire recovery has not happened and some under-recovery is there,” said Anuj Kathuria, President (India), JK Tyre. The company’s board has cleared its plans to raise up to Rs 240 crore through the issue of securities. “The Board has approved the issuance of 24,000 Compulsorily Convertible Debentures (carrying an interest at the rate of6 per cent per annum, compounded cumulatively on a quarterly basis) to International Finance Corporation by way of a preferential issue on a private placement basis, for raising an amount aggregating up to Rs 240 crore, which shall be convertible into equity shares of the Company at a conversion price of Rs 180.50 each,” a statement said. Kathuria added that the company will post improved numbers during the fourth quarter. “Quarter four is generally very good for the auto industry as well as the tyre industry. We expect that this year will also be the same. Last year, Q4 was high, so we have a higher base,” he added. Also Read India committed to reach net-zero by 2070 Rajkot Cricket Stadium decks up with energy efficient LEDs

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code