JK Tyre records all-time high revenues, up by 22percent & Profit up by 31percent
Bangalore, May 2023: Indian Tyre Industry major, JK Tyre & Industries Ltd. announced its annual audited financial results for FY2023. The Board has recommended a dividend @ 100% (Rs.2 per share having a face value of Rs.2 each).
Commenting on the results, Dr Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre has achieved highest ever revenues of Rs.14,681 crore during FY2023, registering a growth of 22%. This is on account of growth in domestic demand witnessed in key segments, viz., commercial and passenger vehicle tyres. Exports have also performed well, despite global headwinds.
Operating margins improved sequentially in the 4th quarter of the financial year 2023, aided by softening in input costs. We remain optimistic about the tyre Industry growth path in the coming year, buoyed by an uptick in economic activities and the big push in infrastructure growth.
JK Tyre’s subsidiaries Cavendish Industries Ltd. and JK Tornel, Mexico performed well with improved volumes, revenues and profitability.
He further added “With a focus on innovation and a commitment to excellence, we will continue to deliver high-quality and innovative products to our customers. Ultra High-Performance Tyre – ‘Levitas Ultra’ range is one of such recent launches, to bolster our product positioning and focus on premiumisation in market space”.
Furthermore, IFC, a member of the World Bank Group, has invested Rs.240 crore (USD 30 Million) in the company by way of CCDs, which reflects its confidence in the future of the company and the Tyre Industry at large.