JK Tyre & Industries Ltd. (JK Tyre), a pioneer in the Indian tyre industry, released its preliminary financial results for the second quarter of FY2023. The company maintains strong growth in domestic volumes for all product categories, including the commercial and passenger tyre markets. The OEM offtake increased throughout the quarter as a result of the holiday season, easing the supply of semiconductors, and strong economic activity.
Furthermore, despite an increasingly difficult geo-political and economic environment, exports continue to play a substantial role in our revenue growth. We are sure that the quality of our products and our distribution system will allow us to maintain this increase in exports. The company’s subsidiaries Cavendish Industries Ltd. and JK Tornel, Mexico, have made significant contributions to the expansion of the business overall.
Official Statement
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre has delivered another quarter of highest ever revenues at Rs.3,764 crore, up by 26% on y-o-y basis. Our strong presence in the OEM and strength of our innovative, high performance, diversified product portfolio and high brand imagery. Operating margins have somewhat improved due to better market conditions”.
He further added “We believe domestic demand shall continue to grow on the strength of improved economic activities, sustained focus of government on infrastructural spends and making India an integral part of global value chain.
JK Tyre’s cutting-edge worldwide manufacturing facilities demonstrate its continuous dedication to innovation. The Raghupati Singhania Center of Excellence is a research and technology centre in Mysore. has some of the best technologies and methods in the world.
JK Tyre introduced Tyre Pressure Monitoring and the first-ever “Smart Tyre” technology in India. Systems (TPMS) that keep track of the tyre’s critical data, such as pressure and temperature In When the business produced its 20 millionth Truck/Bus Radial tyre in 2020, it became the first and only accomplishment made by an Indian business.
With consumer demand soaring in rural and semi-urban regions throughout the holiday season, JK Tyre & Industries is on track to invest Rs 1100 crore over the next two years to increase production capacity.