Cavendish Industries Ltd. (Cavendish), a subsidiary of JK Tyre & Industries Ltd. has reported a record performance for Q4 and the year 2020-21:
i) Sales at Rs.2571 crores up by 16%
ii) EBITDA at Rs.398 crores jumps by 54%
Dr Raghupati Singhania, Chairman, stated “we have achieved all time high capacity utilization and the best ever operating efficiencies on several parameters in second half of the year following the business disruption in first half due to Covid-19 pandemic. Increased volumes in all categories, Operational excellence apart from tighter control on costs led to best ever profitability”.
He further mentioned, “the recent surge in Covid-19 is a cause of worry. Our first priority is safety of the people and the Company is leaving no stone unturned to ensure this”.
He further mentioned that, “the Company expects to maintain the tempo of growth despite current pressures on costs due to commodity price rising significantly in the last 3 months”.
About Cavendish Industries Ltd:
Cavendish Industries Ltd. (CIL), houses 3 Tyre Business Undertakings of Birla Tyres and was acquired by JK Tyre in 2016. The plants are located at Laksar (Haridwar) which manufacture a range of tyres, tubes and flaps. With this acquisition, JK Tyre now has 12 tyre plants - 9 tyre plants in India & 3 in Mexico.
CIL is a subsidiary of JK Tyre with majority shareholdings through direct holdings and the balance through its subsidiaries & Associates.