JK Tire & Industries Limited (JK Tire), a pioneer in the Indian tire industry, has released its preliminary financial results for the second quarter of FY2023. The company maintains strong domestic volume growth for all product categories, including the commercial and passenger tire markets. OEM purchases increased throughout the quarter as a result of the holiday season, softer semiconductor supplies, and stronger economic activity.
Moreover, despite the increasingly challenging geopolitical and economic environment, exports continue to contribute to our revenue growth. We are confident that the quality of our products and our distribution system will allow us to sustain this growth in exports. The company’s subsidiaries Cavendish Industries Limited and JK Tournell, Mexico have contributed to the overall business expansion.
Official statement
Commenting on the results, Dr. Raghupathi Singhania, Chairman and Managing Director (CMD) said, âJK Tire delivered yet another quarterly revenue of Rs 3,764 crore, up 26% YoY. – Our strong presence in OEM and the strength of our innovative, high performance, diversified product portfolio and superior brand image.Operating margins have improved somewhat due to improved market conditions.
“We are confident that domestic demand will continue to grow due to improved economic activity, government’s continued focus on infrastructure spending and making India an integral part of the global value chain,” he added.
JK Tyre’s state-of-the-art manufacturing facilities worldwide reflect its continued commitment to innovation. Raghupati Singhania Center of Excellence is a research and technology center in Mysore. It has the best technologies and methods in the world.
JK Tire introduced tire pressure monitoring and the first “Smart Tire” technology in India. systems (TPMS) that monitor key tire data, such as pressure and temperature, became the first and only achievement by the Indian business when the business rolled out its 20 millionth truck/bus radial tire in 2020.
With consumer demand increasing in rural and semi-urban areas throughout the holiday season, JK Tire & Industries is on track to invest Rs 1,100 crore over the next two years to increase production capacity.