JK Tyre & Industries Ltd share Price Today

JK Tyre & Industries announced Q3FY24 results:

• In Q3FY24, the company recorded a net revenue of Rs 3,700 crore
• Achieved an EBIDTA of Rs 563 crore, marking a remarkable growth of 61% compared to the same period last year.
• EBIDTA Margin of 15.2%
• Profit Before Tax of Rs 341 crore in Q3FY24
• Profit After Tax of Rs 227 crore in Q3FY24
• Notably, the net debt at Rs 3,456 crore registered a 24% reduction from the levels recorded in March 2023.
• Based on the performance of the company, the Board has decided and declared an interim dividend of Re 1 per equity share (50%) having a face value of Rs 2 per share.

Dr. Raghupati Singhania, the Chairman and Managing Director (CMD), stated, "At JK Tyre, we remain committed to achieving profitable growth centered on product premiumization, volume expansion, and optimizing our product mix. The demand outlook remains optimistic, driven by the strong momentum in economic activity and positive consumer sentiments, across product categories.

The global demand scenario is still challenging due to geo-political disturbances affecting exports during the quarter.

Highlighting the significant contributions of subsidiaries, namely Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, Dr. Singhania acknowledged their role in bolstering the company's overall revenues and profitability.

We have successfully raised Rs 500 crore by way of QIP in December 2023, which received an overwhelming response from investors at large, reinforcing investors confidence in JK Tyre’s growth story”.

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