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JK Tyres Registers Loss Of ₹ 202.15 Crore In Q1 FY2021

The company said in a statement that sales of commercial and two-three wheeler tyres did well during the quarter.

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JK Tyre's operating profit went down by 98.54 per cent in Q1 FY2021

Highlights

  • JK Tyre has recorded a loss after tax of Rs. 202.15 crore.
  • The company's revenue in the same period went down 55.91 per cent.
  • JK Tyre's operating profit went down 98.54 per cent.

The Coronavirus crisis has not only disturbed the pace of the auto industry, but also of its ancillaries. One of the biggest Tyre manufacturer of India - JK Tyre & Industries has recorded a loss after tax of ₹ 202.15 crore in first of FY2021 as compared to a profit after tax (PAT) of ₹ 15.68 crore in the same quarter last year. The company's revenue in the same period went down by 55.91 per cent at 1,138.14 crore as compared to ₹ 2,581.47 crore in the same period a year ago. JK Tyre's operating profit in the same quarter took a major hit, witnessing a steep decline of 98.54 per cent at ₹ 3.58 crore as compared to ₹ 245.69 crore in the same quarter last year.

Also Read: JK Tyre Reports Loss Of ₹ 53 Crore In Q4 FY20

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The company also said in a statement that sales of commercial and two-three wheeler tyres did well during the quarter.

Commenting upon the results, Dr. Raghupati Singhania Chairman and Managing Director - JK Tyres said, "It was indeed one of the toughest Quarters ever. Economic activity, which came to a halt towards the end of the last quarter started slowly in mid-May. Our preparedness to meet replacement demand paid off well. As the lock down was progressively eased we were able to cater to market demand especially in the commercial segment. In fact, the Company has achieved the highest ever sales in the Replacement market for its India Operations in June 20 which resulted in a growth of approx. 3 per cent on YoY basis. OEMs volumes are still reeling from the impact of COVID-19, resulting in sluggish vehicle manufacturing".

Also Read: JK Tyre Announces Entry Into The US Market

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The company also said in a statement that sales of commercial and two-three wheeler tyres did well during the quarter. Plants have started operating from early June, but in terms of sales, the overall demand continues to be subdued.

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