JK Tyre Records Rs. 137.38 Crore Net Profit On Standalone Basis In Q4 FY2021

Indian tyre major, JK Tyre & Industries Limited has announced its financial results today. On standalone basis, the company has recorded a net profit or profit after tax (PAT) of Rs. 137.38 crore in the last quarter of FY2021 as compared to a net loss of Rs. 8.13 crore that was recorded a year ago. The company's net revenue surged by 49.81 per cent at Rs. 2,036.85 crore in Q4 FY2021 as compared to Rs. 1,359.60 crore recorded in Q4 FY2020. Its operating profit (PBIT) too went up almost threefold at Rs. 315.51 crore as compared to Rs. 143.30 crore reported a year ago. Its profit before tax stood at Rs. 198.41 crore as compared to Rs. 9.81 crore in the same quarter last year.

On consolidates basis, JK Tyre & Industries recorded PBT of Rs. 281 crore.

Commenting on the results, Raghupati Singhania, Chairman and Managing Director (CMD) said, "The year began with India in lockdown due to COVID-19 pandemic and the economy grinding to a halt with Q1FY21 almost a wash out. Economy started opening up gradually from mid-May. As a result of several initiatives taken JK Tyre recovered fast and achieved highest Sales in Q3FY21 & Q4FY21 increasing its market presence. With high-capacity utilisation, control on costs and reduced working capital, special focus on customer outreach and premium products offering, profitability improved significantly. Similarly, JK Tyre subsidiaries - Cavendish Industries and JK Tornel also added to substantial overall improvement in the profitability of the Company."

On consolidates basis, JK Tyre & Industries recorded a net revenue of Rs. 2,945 crore while its EBIDTA stood at Rs. 472 crore. The company's consolidated PBT stood at Rs. 281 crore.