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New Delhi:
Indian Tyre Business main, JK Tyre & Industries Ltd. (JK Tyre) on Monday reported its Q1 FY23 income at INR 3650 crore.The corporate’s EBITDA stood at INR 291 crore and PBT at INR 57 crore.
Raghupati Singhania, Chairman and Managing Director (CMD), stated, “JK Tyre has achieved its highest ever gross sales at INR 3,650 crore, a 39% enhance over the corresponding quarter. There was a wholesome pickup in demand each for the passenger as additionally industrial tyres, each within the substitute and authentic gear markets. The Firm continued its deal with differentiated product choices and driving premiumization. Moreover, exports have carried out effectively.”
Uncooked materials and different enter prices witnessed an ongoing uptrend, thus impacting margins. The corporate has undertaken a number of value revisions although to not the complete extent and can pursue additional alternatives.
Cavendish Industries Ltd. and JK Tornel, Mexico, subsidiaries of the corporate, have contributed to the general progress of the corporate.
“We’re fairly optimistic on India’s progress story and demand outlook in vehicle and tyre trade, regardless of world fears of slowdown, geo-political disturbances and provide chain constraints. We imagine home consumption and wholesome infrastructure spending will drive progress within the close to future,” he added.
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Revenue earlier than tax stood at INR 50 crore registering 40% progress, in opposition to INR 27 crore within the prior yr, the corporate stated in a regulatory submitting.
“We proceed to see a sustained uptick in demand for BKT tires. Nonetheless, in Q2, we anticipate sluggish demand given macro challenges in Europe coupled with warmth waves and inflationary traits within the USA,” Balkrishna Industries stated. Nonetheless, the administration retained its gross sales quantity steerage of three.2-3.3 lakh tonnes for FY23.
