JK Tyre and Industries on Wednesday reported a consolidated revenue after tax of Rs 194.96 crore for the March quarter of the earlier fiscal towards a consolidated lack of Rs 52.78 crore within the year-ago interval.
Income from operations within the quarter underneath evaluate rose by 63.21 per cent to Rs 2,927.28 crore in comparison with Rs 1,792.56 crore in Q4FY20, the corporate stated.
For the fiscal 2020-21, revenue after tax grew greater than two-folds to Rs 330.93 crore over Rs 141.31 crore in FY20. The income from operations within the earlier fiscal grew 4.35 per cent to Rs 9,102.20 crore towards 8,722.70 crore logged within the yr ended March 31, 2020.
“The yr started with India in lockdown attributable to Covid-19 pandemic and the financial system grinding to a halt with Q1FY21 virtually a washout. Economic system began opening up steadily from mid-Could. Because of a number of initiatives taken, JK Tyre recovered quick and achieved the best gross sales in Q3FY21 and Q4FY21 rising its market presence,” stated Raghupati Singhania, Chairman and Managing Director, JK Tyre and Industries Ltd.
With excessive capability utilization, management on prices and decreased working capital, particular give attention to buyer outreach and premium merchandise providing, profitability improved considerably, he stated.
“JK Tyre subsidiaries–Cavendish Industries and JK Tornel– additionally added to substantial total enchancment within the profitability of the corporate,” he stated.
He stated the corporate is absolutely geared to face challenges emanating from rising uncooked materials costs and prevailing lockdowns underneath second wave of novel virus, including, “regardless of these headwinds, the corporate expects to proceed capturing alternatives which can be arising on this new atmosphere in India and overseas.”
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