JK Tyre & Industries Ltd released its unaudited financial results for the second quarter of the fiscal year 2024. On a consolidated basis, the company's net revenues showed a 4% increase, reaching INR 3,905 crore.
Dr Raghupati Singhania, Chairman and Managing Director, JK Tyre, expressed his satisfaction with the results, highlighting the company's robust performance. He attributed the increased profitability to a continued focus on expanding their market presence, which led to enhanced sales volumes across various segments and product categories. The strategic emphasis on improving product offerings within the entire radial range, including PCR/LTR/TBR, contributed positively to the outcome. Cost efficiency and ongoing efforts to boost internal processes are fundamental to the company's operations.
Furthermore, export sales experienced robust double-digit growth during the quarter, indicating the company's global appeal. JK Tyre's subsidiaries, Cavendish Industries Ltd (CIL) and JK Tornel in Mexico, continued to perform well, significantly contributing to the company's overall revenues and profitability. CIL achieved improved profit margins during the quarter.
JK Tyre's commitment to sustainability has been recognized with a 'Best in Class' ESG grading for the second consecutive year, reaffirming their vision as a 'Green and Trusted Mobility Partner.' Additionally, JK Tyre was recently honoured with the Mahatma Award-2023, an initiative backed by the Mahatma Foundation, UNDP, and the Aditya Birla Group, recognizing excellence in ESG (Environmental, Social, and Governance) and CSR (Corporate Social Responsibility) practices. These accolades underline JK Tyre's commitment to sustainable and responsible business practices.
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