Friday, January 22, 2021

JK Tyre Record Excellent Performance During Quarter3 FY 2020-21


In Rs. Crores

- Net Revenue          2776

- EBITDA                507

- PBT                       343

Indian tyre industry major, JK Tyre & Industries Ltd. (JK Tyre) announced record financials for the third quarter of the current financial year.  Consolidated Sales at Rs.2776 Crores grew 26% - best ever sales for any quarter.  EBITDA doubles to Rs.507 Crores and PBT recorded multifold increase to Rs.343 Crores, compared with the corresponding Qtr.

Sales on a standalone basis aggregated Rs.1851 Crores with EBITDA of Rs.312 Crores and PBT of Rs.196 Crores.

Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director, said, “JK Tyre turned out an excellent performance in Q3 - in terms of Sales and Profitability. This was largely driven by the increased demand for Passenger, Commercial vehicle as well as Farm tyres. Continued focus on improvement in operating efficiencies and reduction in interest costs, contributed to improved profitability.”  

Dr Singhania added “All nine, JK Tyre plants in India, operated at close to 96% capacity utilization during Q3.  It is a matter of satisfaction that some of the plants have achieved certain global benchmark operating parameters.”

Cavendish Industries Ltd., a JK Tyre subsidiary, also recorded excellent results in the Q3 of 2020-21. Capacity utilization at its 3 plants was nearly 95%. Cavendish achieved Sales of Rs.788 Crores and attained an all-time high PBT of Rs.92 Crores during the quarter under review.

Besides, the Company’s subsidiary in Mexico - JK Tornel,  continued to perform well, marked by a significant improvement in Sales and Profitability.

The Company foresees a sustained Sales and Profitability during the coming period.

JK Tyre & Industries Limited

The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 25 manufacturers in the world. Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is currently the market leader in Truck Bus Radial segment. The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.

A global force, JK Tyre is present in 105 countries with over 180 Global distributors.  The Company has 12 globally benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 3 in Mexico – that collectively produce around 35 million tyres annually. The Company also has a strong network of over 4000 dealers and 550+ dedicated Brand shops called as Steel Wheels and Xpress Wheels.

JK Tyre’s unwavering commitment towards innovation is reflected through its state-of-the-art global research and technology centre – the Raghupati Singhania Centre of Excellence - in Mysore, which houses some of the world’s finest technologies and techniques.

JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure Monitoring Systems (TPMS) which monitors the tyre’s vital statistics, including pressure and temperature. The company recently rolled out its 20 millionth Truck/Bus Radial tyre becoming the first and the only Indian company to achieve this milestone.

It is the only Indian tyre manufacturer to be included in the list of Superbrands India in 2019 for the seventh consecutive year. JK Tyre has been conferred the Sword of Honour for Safety across its plants by the British Safety Council, UK. The company entered the Limca Book of Records with the country’s largest off-the-road tyre - VEM 04.

JK Tyre is also synonymous with motorsport in the country. For over three decades, the Company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.

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