JK Tyre reports steady progress In quarter

ERJ staff report (DS)

Kolkata, India -- JK Tyre & Industries Ltd has reported steady growth in sales and a big jump in profit for the three months to 30 June 2012.

JK Tyre said net sales in the period were Rs 14,341 million (euro 210 million), up from Rs 14,021 million.

Operating profits in the quarter amounted to Rs 995 million, up from Rs 371 million a year previously. Net profit jumped to around Rs 247 million from a break-even position a year ago.

Commenting on the results, Dr. Raghupati Singhania, Vice Chairman & Managing Director, JK Tyre & Industries Ltd., said, "The quarter has seen a significant growth compared to last year. There has been a considerable improvement in profitability due to various steps such as enhancing our focus on higher realization market segments and launching many new products apart from several cost compression measures."

The new Chennai plant went on stream early this year. The plant with a capacity of 2.5 million car radials and 400,000 Truck/Bus radial tyres per annum will strengthen JK Tyre's radial leadership, said the company. The new plant will contribute to the results in the coming quarter. The Facility will cater to both domestic and export markets, the company added.

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Results statement from JK Tyre

JK Tyre & Industries Ltd. sees a significant growth in sales this year Rush Lane (India)