On standalone basis, the company has recorded a net profit or profit after tax (PAT) of Rs. 137.38 crore in the last quarter of FY2021 as compared to a net loss of Rs. 8.13 crore that was recorded a year ago.
Commenting on the results, Raghupati Singhania, Chairman and Managing Director (CMD) said, “The year began with India in lockdown due to COVID-19 pandemic and the economy grinding to a halt with Q1FY21 almost a wash out. Economy started opening up gradually from mid-May. As a result of several initiatives taken JK Tyre recovered fast and achieved highest Sales in Q3FY21 & Q4FY21 increasing its market presence. With high-capacity utilisation, control on costs and reduced working capital, special focus on customer outreach and premium products offering, profitability improved significantly. Similarly, JK Tyre subsidiaries – Cavendish Industries and JK Tornel also added to substantial overall improvement in the profitability of the Company.”
On consolidates basis, JK Tyre & Industries recorded a net revenue of ₹ 2,945 crore while its EBIDTA stood at ₹ 472 crore. The company’s consolidated PBT stood at ₹ 281 crore.