ERJ staff report (TP)
New Delhi – Indian tire manufacturer JK Tyre & Industries reported a first quarter net profit increase of 24% compared to the same period last year.
For the first quarter 2014-15, the company achieved a turnover of Rs 2,035 crore (€248.3m) with an operating profit of Rs 196 crore.
Dr Raghupati Singhania, chairman & managing director, said: “In the face of economic challenges, which have continued for most of the first quarter, the company continues to perform well [and is] maintaining its leadership in truck/bus radials [TBR] with the highest market share in India.”
He believes the first signals of an economic turnaround are in sight with the car industry “registering growth in the last two months”.
The company’s operation in Mexico, JK Tornel, which was acquired in 2008 for $68 million (€51m) – also continues to “perform well”.
Dr Singhania added that JK Tyre’s expansion at its Chennai tire plant in India, at an outlay of Rs 1,430 crore, to add capacity in the TBR and PCR (passenger car radial) categories is “progressing as per schedule”.
JK Tyre operates in 90 countries across six continents with nine plants in India and Mexico.