JK Tyre Q1 net profit jumps threefold

ERJ staff report (BC)

New Delhi: JK Tyre and Industries today said its consolidated net profit surged over three-fold to Rs5.53m (€67 800) for the first quarter ended June 30, 2013, reports NDTV, quoting the Press Trust of India.

The company had posted a net profit of Rs1.64m (€20 100) during the same period of the previous fiscal year.

Net sales rose to Rs187m (€2.29m) for the first quarter, compared to Rs181m (€2.20m) in the previous year.

CMD Raghupati Singhania said: "The automotive industry is facing one of its toughest phases in a decade. This has affected all OEMs – both in cars and commercial vehicles. JK Tyre has been able to ride through these extremely challenging times with its leadership in truck and bus radials, holding the highest market share in India."

Depreciation of the rupee remains a major cause of concern with its cascading effect on input costs, he added.

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Full story from NDTV