Indian tyre major JK Tyres announced that it has clocked sales worth of INR 3,650 crore in Q1FY23, a 39% increase over the corresponding quarter. Additionally, the company’s EBIDTA was at INR 291 crore while PBT was INR 57 crore.
According to a press release from the company, Cavendish Industries and JK Tornel, Mexico, subsidiaries of the company have contributed to the overall growth.
Dr Raghupati Singhania, Chairman and Managing Director, JK Tyre, said that there has been a healthy pickup in demand both for passenger as also commercial tyres, both in the replacement and original equipment markets.
Notably, raw material and other input costs witnessed an on-going uptrend, thus impacting margins due to which the company has undertaken multiple price revisions, the release added.
Singhania said, that despite global fears of slowdown, geo-political disturbances and supply chain constraints, JK Tyres believes that domestic consumption and healthy infrastructural spends will drive the growth in near future.