JK Tyre & Industries Ltd.
FY23 Annual Result Announced for JK Tyre & Industries Ltd.
JK Tyre & Industries announced FY23 results:
- Net Revenues at Rs 14,681 crore
- EBIDTA at Rs 1,334 crore
- Profit Before Tax is at 411 crore
- Profit After Tax is at 263 crore
Commenting on the results, Dr. Raghupati Singhania. Chairman and Managing Director (CMD) said, "JK Tyre has achieved highest ever revenues of Rs 14,681 crore during FY2023, registering a growth of 22%. This is on account of growth in domestic demand witnessed in key segments, viz., commercial and passenger vehicle tyres. Exports have also performed well, despite global headwinds.
operating margins improved sequentially in the 4th, quarter of the financial year 2023, aided by softening in input costs. we remain optimistic on tyre Industry growth path in coming year, buoyed by uptick in economic activities and the big push in infrastructure growth.
JK Tyre's subsidiaries Cavendish Industries Ltd. and JK Tomel, Mexico performed well with improved volumes, revenues and profitability.
He further added "with a focus on innovation and a commitment to excellence, we will continue to deliver high-quality and innovative products to our customers. ultra High Performance tyre - 'Levitas Ultra' range is one of such recent launches, to bolster our product positioning and focus on premiumisation in marketspace."