JK Tyre has announced a consolidated net profit of Rs16.12 crore in the April-June 19 period compared to RsRs64.24 crore in the same period of last fiscal. However, revenues grew by 6% to Rs2581 crore in Q1FY19-20 against Rs2446 in inQ1FY18-19.
Dr. Raghupati Singhania, Chairman and Managing Director of the Company said, “It was a difficult Quarter for Auto Industry, which is passing through challenging times. The Quarter ending June 2019 witnessed considerable de-growth in Auto sales. Most of the OEMs have reported heavy reduction in their Sales volumes. Despite this, the Company has recorded 18% growth in the overall replacement market which could partly off-set lower sales in the OEM segment and exports growth of over 50% over the corresponding period with an overall volume growth of 10 percent. Profitability during the Qtr has been impacted due to overall slow-down in the automotive sector”.