JK Tyre & Industries Ltd. (JK Tyre), reported 23% increase in its sales turnover at Rs 1239 Crores. Operating Profit and Profit before Tax for the Qtr 2 are at Rs 75 Crores and Rs 31.2 Crores respectively. Commenting on the performance, Dr. Raghupati Singhania, Vice Chairman& Managing Director said, "JK Tyre has recorded 23% increase in Sales in the 2nd Qtr of the current year. It was a very challenging Qtr as the prices of raw-material are increasing unabated."
Dr. Singhania also said that one should expect an increase in the price and further added, "Automobile industry in India is growing at a fast pace backed by the economic growth of nearly 9%. Demand for tyres is also growing. We at JK Tyre had already undertaken aggressive expansion plans and our projects are well on course. OTR and Car Radial expansions have been commissioned during the Qtr. Truck & Bus radial capacity is being further expanded from 8 Lac to 14 Lac tyres per annum both at Mysore as well as at a Green Site at Chennai. In addition, 25 Lac Passenger Car capacity is also being put up at Chennai. These are expected to be completed next year, which will further cement our leadership position in the growing markets."
