JK Tyre Q2 net down 90% at `10.34 crore
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.