NEW DELHI, India—JK Tyre & Industries Ltd., India's third-largest tire maker and No. 22 wordwide, reported 31.6 percent higher sales for the year ended March 31 but suffered a 17.8-percent drop in pre-tax operating income.
Sales revenue grew to $1.59 billion, but the operating income fell to $147.6 million, trimming the operating ratio five points to 9.3 percent. Net income dropped 39.2 percent to $26.7 million.
JK Tyre derives most of its revenue (56 percent) from sales of truck/bus tires.
JK Tyre did not comment on the reasons for the earnings decline but noted that its Cavendish Industries (India) and JK Tornel (Mexico) subsidiaries both reported record sales for the period.