Indian Tyre Industry major, JK Tyre & Industries Ltd (JK Tyre) announced its consolidated unaudited results for third quarter of FY2021-22. Commenting on the results, Raghupati Singhania, Chairman and Managing Director (CMD), said, "JK Tyre recorded in Q3, the highest ever quarterly sales. Exports contributed significantly to the top line.
He further added "The unabated increase in input costs could be partially offset by some price increases. We intend to increase selling prices again to neutralize the impact further. The Company's subsidiaries - Cavendish Industries Ltd. and JK Tornel, Mexico have made significant contribution to the revenues. JK Tornel, Mexico has performed well and has been able to achieve 100% sales growth during the first 9 months of the fiscal. The operating margins have also improved considerably."
"We are optimistic on the outlook of the Tyre Industry and believe there will be good demand growth across all market segments given the expected economic activity going forward and the waning effect of the pandemic." Singhania further added, "During COVID third wave JK Tyre has placed the highest emphasis on the safety and well-being of its employees, business partners and society for continuation of the business as well as livelihoods."