JK Tyre Records ₹ 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 ₹ 137.38 crore in the last quarter of FY2021 as compared to a net loss of ₹ 8.13 crore that was recorded a year ago. The company's net revenue surged by 49.81 per cent at ₹ 2,036.85 crore in Q4 FY2021 as compared to ₹ 1,359.60 crore recorded in Q4 FY2020. Its operating profit (PBIT) too went up almost threefold at ₹ 315.51 crore as compared to ₹ 143.30 crore reported a year ago. Its profit before tax stood at ₹ 198.41 crore as compared to ₹ 9.81 crore in the same quarter last year.

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