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JK Tyre Q1FY25 net profit jumps 33%
(MENAFN- Adfactors PR) Bengaluru, August 06, 2024: Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its unaudited results for Q1 of FY2025.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “We continue to deliver profitable growth with year-on-year increase in operating margins. Our strategic thrust on premiumization and pricing have helped us to manage the raw material cost pressures. Although overall revenues were marginally lower due to decline in the OEM segment, this was largely offset by increased exports.
During the quarter, exports recorded healthy double-digit growth, despite geo-political disruptions and rising ocean freights. Looking ahead, we expect export demand to pick up.
JK Tyre’s subsidiaries, Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, continued to make significant contributions to the overall revenues and profitability of the company.
We remain optimistic about the outlook for tyre demand, driven by ongoing policy reforms including continued focus on infrastructure development. Moreover, upcoming festive season and favorable monsoon condition augur well for the industry.
At JK Tyre, we are committed to continue our focus on digitalization, R&D, innovation, sustainability, customer-centricity, and technology-driven manufacturing.
About JK Tyre & Industries Limited (CIN No. L67120RJ1951PLC045966)
The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 20 manufacturers in the world. Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is the market leader in Truck Bus Radial segment. The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.
The Company has 12 globally benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 3 in Mexico – that collectively produce around 35 million tyres annually. The Company also has a strong network of over 6000 dealers and 800+ dedicated Brand shops called as Steel Wheels, Truck Wheels and Xpress Wheels. JK Tyre exports to about 100 countries with over 230 global distributors.
JK Tyre’s unwavering commitment towards innovation is reflected through its state-of-the-art global research and technology centre – the Raghupati Singhania Centre of Excellence - in Mysore, which houses some of the world’s finest technologies and techniques.
JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure Monitoring Systems (TPMS) which monitors the tyre’s vital statistics, including pressure and temperature. In 2024, the company rolled out its 30 millionth Truck/Bus Radial tyre becoming the first and the only Indian company to achieve this milestone.
JK Tyre is featured among the list of Superbrands India in 2023 for the ninth year. Additionally, JK Tyre was featured among India’s Best Companies to Work For in 2024 by Great Place to Work. Another remarkable addition to the list of the brand's accolades is being a 4-time recipient of the Economic Times - Iconic Brand of the Year Award. JK Tyre has been conferred with most coveted Safety award in the world -the Sword of Honour for Safety across its plants by the British Safety Council, UK. The company entered the Limca Book of Records with the country’s largest off-the-road tyre - VEM 04.
JK Tyre secures ‘Best in Class’ grading for second consecutive year for ESG performance in FY24 from CareEdge. JK Tyre also received award to be among the India’s top 30 Most Sustainable companies, organized by Business world.
JK Tyre is also synonymous with motorsport in the country. For over three decades, the Company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “We continue to deliver profitable growth with year-on-year increase in operating margins. Our strategic thrust on premiumization and pricing have helped us to manage the raw material cost pressures. Although overall revenues were marginally lower due to decline in the OEM segment, this was largely offset by increased exports.
During the quarter, exports recorded healthy double-digit growth, despite geo-political disruptions and rising ocean freights. Looking ahead, we expect export demand to pick up.
JK Tyre’s subsidiaries, Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, continued to make significant contributions to the overall revenues and profitability of the company.
We remain optimistic about the outlook for tyre demand, driven by ongoing policy reforms including continued focus on infrastructure development. Moreover, upcoming festive season and favorable monsoon condition augur well for the industry.
At JK Tyre, we are committed to continue our focus on digitalization, R&D, innovation, sustainability, customer-centricity, and technology-driven manufacturing.
About JK Tyre & Industries Limited (CIN No. L67120RJ1951PLC045966)
The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 20 manufacturers in the world. Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is the market leader in Truck Bus Radial segment. The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.
The Company has 12 globally benchmarked ‘sustainable’ manufacturing facilities - 9 in India and 3 in Mexico – that collectively produce around 35 million tyres annually. The Company also has a strong network of over 6000 dealers and 800+ dedicated Brand shops called as Steel Wheels, Truck Wheels and Xpress Wheels. JK Tyre exports to about 100 countries with over 230 global distributors.
JK Tyre’s unwavering commitment towards innovation is reflected through its state-of-the-art global research and technology centre – the Raghupati Singhania Centre of Excellence - in Mysore, which houses some of the world’s finest technologies and techniques.
JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure Monitoring Systems (TPMS) which monitors the tyre’s vital statistics, including pressure and temperature. In 2024, the company rolled out its 30 millionth Truck/Bus Radial tyre becoming the first and the only Indian company to achieve this milestone.
JK Tyre is featured among the list of Superbrands India in 2023 for the ninth year. Additionally, JK Tyre was featured among India’s Best Companies to Work For in 2024 by Great Place to Work. Another remarkable addition to the list of the brand's accolades is being a 4-time recipient of the Economic Times - Iconic Brand of the Year Award. JK Tyre has been conferred with most coveted Safety award in the world -the Sword of Honour for Safety across its plants by the British Safety Council, UK. The company entered the Limca Book of Records with the country’s largest off-the-road tyre - VEM 04.
JK Tyre secures ‘Best in Class’ grading for second consecutive year for ESG performance in FY24 from CareEdge. JK Tyre also received award to be among the India’s top 30 Most Sustainable companies, organized by Business world.
JK Tyre is also synonymous with motorsport in the country. For over three decades, the Company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.
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