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The lately concluded financial quarter on 31 March 2016 saw JK Tyre report an upward growth of 9 percent in their net margins. During the quarter, the leading manufacturer of radial tyres stated a profit of Rs 94 crore in comparison to Rs 86 crore that it gained last year in the same period. However, the net sales of the tyre firm came down marginally to Rs 1481 crore.
The fiscal year, which ended on 31 March 2016, witnessed a record profit from the Delhi-based company in a single year. The net profit shot up by a good 58 percent which boils down to Rs 401 crore, courtesy low natural rubber prices.
The company said in a statement that its net sales for the fiscal observed a fall of 4 percent to Rs 5813 crore, and this was majorly due to the 6 percent decrease in the prices of natural rubber in that year.
JK Tyres Chairman and Managing Director (CMD), Mr. Raghupati Singhania seemed optimistic about the company’s growth and stated that JK Tyre had a busy year with profits touching new peaks during the year. And at the outset of 2016, the automotive industry takes off on a positive note, the stance of the ongoing financial year appears promising, as a result they are hopeful of gaining more momentum to further fortify their position this year.
The company confronted the challenges thrown by dumping of cheap China-made tyres and radials and also overcame the effects of rubber price surge in the country, Mr. Singhania added.
