JK Tyre and Industries has announced that its Q3 FY 2009-10 net profit stood at Rs 36.50 crore vis-à-vis a loss of Rs 27.40 crore in the corresponding period last year. The company's net sales for the third quarter of FY10 stood at Rs 802 crore, while its operating profit was at Rs. 97 crore. The company's net sales for the three quarters (April-December period) stood at Rs 2,644 crore, while profit after tax was reported at Rs 197 crore.
Commenting on the performance, Dr. Raghupati Singhania, vice-chairman & Managing Director said, "JK Tyre has recorded an impressive performance in the third quarter of the current year on account of cost reduction measures and better operating efficiencies. As a result, Operating Profit margin has improved. Our expansions of OTR tyre and radials shall be completed as per schedule by the end of March this year. The greenfield site project for further increasing the TBR capacity from 8 lakh tyre to 12 lakh tyres and 25 lakh tyres for Passenger Car Radials is progressing well. Financial closure is expected very shortly".
Dr. Singhania further added, "Automobile sector in India has recorded very impressive growth in the last 3 Quarters. This is leading to acceleration in demand for tyres".
Commenting on the performance, Dr. Raghupati Singhania, vice-chairman & Managing Director said, "JK Tyre has recorded an impressive performance in the third quarter of the current year on account of cost reduction measures and better operating efficiencies. As a result, Operating Profit margin has improved. Our expansions of OTR tyre and radials shall be completed as per schedule by the end of March this year. The greenfield site project for further increasing the TBR capacity from 8 lakh tyre to 12 lakh tyres and 25 lakh tyres for Passenger Car Radials is progressing well. Financial closure is expected very shortly".
Dr. Singhania further added, "Automobile sector in India has recorded very impressive growth in the last 3 Quarters. This is leading to acceleration in demand for tyres".
The company's 100 per cent subsidiary – Tornel, Mexico - a well established tyre company, with 3 manufacturing plants has done well in the year 2009 and turned profitable. This fast turn around has been achieved despite the melt down in global markets particularly the Americas.
The company expects demand for tyres to remain buoyant. With the completion of company's expansion projects, the company looks to promising times ahead.
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