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JK Tyre Q4 profit down 79% at Rs 33.66

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ETAuto
16th May, 2019 22:25 IST
For FY ending March 31, 2019, company's revenue grew by 24 per cent at Rs.10,370 crore. New Delhi: JK Tyre on Thursday reported 78.81 per cent decline in its consolidated profit at Rs 33.66 for the quarter ended March 31, 2019, impacted by high raw material prices.

The company posted a consolidated profit of Rs 158.87 crore in Q4 FY'18, as per a regulatory filing.

Company's consolidated revenue from operations stood at Rs 2,705.89 crore in Q4 FY'19, up 18.47 per cent, as compared to Rs 2,283.97 crore in the same quarter year ago.

For FY ending March 31, 2019, company's revenue grew by 24 per cent at Rs.10,370 crore while operating profit for the year at Rs.1,196 crore was 35 per cent higher.

Commenting upon the results, Raghupati Singhania, Chairman and Managing Director of the Company said. "JK Tyre sales crossed the Rs 10,000 crore mark while achieving a robust growth of 24 per cent over the previous year, surpassing the industry growth. Despite Q4 profitability being impacted due to high raw material prices, the operating margins for the year as a whole increased by 35 per cent."

JK Tyre volumes grew by 20 per cent in the second half of the year, despite a slow down in the automotive sector.

"The company continues to maintain its leadership position in India's truck/bus radial tyres segment. Capacity expansion of Truck/Bus Radials undertaken at Cavendish will help the company further bolster its position in this segment."
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