JK Tyre Q2 net down 90% at `10.34 crore

Financial Chronicle - - COMPANIES -

JK TYRE & In­dus­tries on Tues­day re­ported 90.12 per cent de­cline in con­sol­i­dated net profit at Rs 10.34 crore for the sec­ond quar­ter ended Septem­ber 30, hit by higher ex­penses spe­cially that of raw ma­te­rial prices. The com­pany had posted a con­sol­i­dated net profit of Rs 104.65 crore in the same pe­riod last fis­cal, JK Tyre & In­dus­tries said in a BSE fil­ing.

Rev­enue from op­er­a­tions dur­ing the quar­ter un­der re­view stood at Rs 2,058.28 crore. It was at Rs 2,069.91 crore in the cor­re­spond­ing quar­ter last fis­cal. The fig­ures are not com­pa­ra­ble due to GST im­ple­men­ta­tion from July, it said.

Com­ment­ing on the per­for­mance, JK Tyre & In­dus­tries chair­man & man­ag­ing di­rec­tor Raghu­pati Sing­ha­nia said, "...Con­sid­er­ably higher raw ma­te­rial prices as com­pared to the cor­re­spond­ing quar­ter have im­pacted prof­its."

To­tal ex­penses dur­ing the quar­ter were at Rs 2,055.32 crore as com­pared to Rs 1,887.84 crore in the year-ago pe­riod. Cost of ma­te­ri­als con­sumed was at Rs 1,168.51 crore as against Rs 1,039.22 crore in the sec­ond quar­ter last fis­cal.

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