Staff Writer
New Delhi: JK Tyre & Industries (JK Tyre), one of the leading mobility company has announced its financial results for Q3 FY2024. The company reported net revenue of Rs 3,700 crore, up 2 percent YoY, and net profit of Rs 227 crore, up 240 percent YoY respectively. Notably, the company reduced its net debt by 24 percent to Rs 3,456 crore from the levels recorded in March 2023.
Based on the performance of the company, the Board has declared an interim dividend of ₹1 per equity share (50 per cent) having face value of ₹2 per share, the company said.
Dr. Raghupati Singhania, Chairman and Managing Director (CMD), JK Tyre & Industries stated, “At JK Tyre, we remain committed to achieving profitable growth centered on product premiumisation, volume expansion, and optimising our product mix. The demand outlook remains optimistic, driven by the strong momentum in economic activity and positive consumer sentiments, across product categories. The global demand scenario is still challenging due to geo-political disturbances affecting exports during the quarter.”
However, the global demand scenario is still challenging due to geo-political disturbances affecting exports during the quarter, he said.
He highlighted the significant contributions of subsidiaries, namely Cavendish Industries (CIL) and JK Tornel, Mexico, in bolstering the company’s overall revenues and profitability.
“We have successfully raised Rs 500 crore by way of QIP in December 2023, which received an overwhelming response from investors at large, reinforcing investor’s confidence in JK Tyre’s growth story”.