KOLKATA, India (Aug. 3, 2012)—JK Tyre & Industries Ltd. has reported steady growth in sales and a big jump in profit for the three months to June 30.
JK Tyre said net sales in the period were $260 million, up from $251.5 million.
Operating profits in the quarter amounted to $17.8 million, up from $6.7 million a year previously. Net profit jumped to around $4.4 million from a break-even position a year ago.
Raghupati Singhania, vice chairman and managing director, JK Tyre & Industries Ltd., said, "The quarter has seen a significant growth compared to last year. There has been a considerable improvement in profitability due to various steps such as enhancing our focus on higher realization market segments and launching many new products apart from several cost compression measures."
The new Chennai plant went on stream early this year. The plant with a capacity of 2.5 million car radials and 400,000 truck/bus radial tires per annum will strengthen JK Tyre's radial leadership, said the company.
The plant will contribute to the results in the coming quarter. The facility will cater to both domestic and export markets, the company added.