JK Tyre & Industries ltd on Wednesday reported a consolidated net profit of Rs 110.15 crore for the second quarter ended September 30, 2016 as against a net profit of Rs 115.84 crore in the July-September quarter a year-ago.
The company’s consolidated net sales during the period under review stood at Rs 1,957.34 crore compared to Rs 1,947.87 crore in the corresponding quarter previous fiscal. Total expenses was at Rs 1,753.67 crore versus Rs 1,708.16 crore earlier.
“Second Quarter has been tough due to various reasons still we have performed well due to Cavendish Industries ltd (CIl) acquisition and going forward we see better third quarter on good Monsoon and improved Government spending in infrastructure sectorl,” said JK Tyre Director & President (International Operations) AK Bajoria while commenting on the result.
“Consolidated financial results include working of CIl acquired on April 13, 2016, which restarted its operation in mid May, 2016. Therefore, results of the half year are not comparable with previous period,” the company said.
In the first half of 2016-17, JK Tyre' consolidated net profit was at Rs 200.41 crore. It was Rs 232.91 crore in the year-ago period.
Net sales in the first half of the current fiscal stood at Rs 3,832.19 crore. It was Rs 3,868.17 crore in the same period last year.
He also added that two-three wheeler Tyre Blaze is getting great response from customers and by the third quarter Cavendish will be able to realise 90 per cent of its total capacity.