JK Tyres expects sales of tyres to get a boost from the preparation of the upcoming general elections in the country.
Arun Kumar Bajoria, President of JK Tyre & Industries Ltd, said, “We are expecting the sale of commercial tyres as well as passenger car tyres to be better because there will be huge expenditure for preparation for the elections.”
Net profit for the company for October-December 2013 quarter was Rs. 59.03 crore, an increase of about 56 per cent from Rs. 37.93 crore in the corresponding period last year. The turnover for the company for Q3 was Rs. 1,846.72 crore, an increase from Rs. 1,802.07 crore in corresponding period last year.
The Earnings Per Share rose from Rs. 9.24 in Q3 in 2012 to Rs. 14.38 in Q3 in 2013.
Raghupati Singhania, Chairman and MD of the company, said, “The company has performed well during the quarter despite a subdued demand for tyres. Indian automobile industry is passing through a difficult phase as both passenger cars and commercial vehicles registered a negative growth. JK Tyre has been able to face these challenging times with its leadership in Truck/Bus radials with highest market share in India and focus on new product introductions in the market and widening customer base. Special efforts have been made to increase exports.”
Bajoria added, “Latin America, Africa and South East Asia are showing encouraging signs.”
The company during the latter half of 2013 launched a new range of products comprising 10 new tyres.
Source: The Hindu Business Line
Published: 11 Feb 2014