JK Tyre shares surge 6% as net profit rises to Rs 195 crores in March quarter



News24

LAST UPDATED: May 20, 2021, 1:29 p.m.

New Delhi (Anish Yande): JK Tyre & Industries shares surged 6 percent following the firm’s strong performance in the March 2021 quarter. Shares of the tire maker opened at Rs 129.50 per share on Friday.

The shares of JK Tyre & Industries rose to an intraday high of Rs 131.50 as compared to the previous close of Rs 123 on NSE. The market cap of the tire maker was recorded at Rs 3,106 crores.

JK Tyre & Industries net profit rises to Rs 195 crore:

JK Tyre & Industries recorded a net loss of Rs 53 crore in the March quarter of FY20. The tire maker reported a consolidated net profit at Rs 195 crore in the fourth quarter ended March 2021. The net profit rose at an increase of over 1787% on a year-on-year basis.  

For the fiscal year 2021, the company reported an increase in profit after tax to Rs 330.93 crore as compared to a profit after tax of Rs 141.31 crore in the year ended March 31, 2020.

The consolidated revenue of the company rose to Rs 2,945 crore in the quarter ended March 2021. Revenue from operations of JK Tyre & Industries was at Rs 1,803 crore in the quarter ended March 2020. Revenue of the company rose by 63 percent year-on-year basis.

In 2019-20, the yearly revenue from operations of tire maker was recorded at Rs 8,722.70 crore which increased to Rs 9,102.20 crore mark in the financial year 2020-21, at an increase of 4.35 percent yearly.

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EBITDA rises by 120 percent in Q4:

Earnings before interest, tax, depreciation, and amortization is recorded at Rs 315.51 crore during the quarter ended March 31, 2021, at an increase of 120.17 percent YoY. The EBITDA of the company was recorded at Rs 143.30 crore in March 2020.

The EBITDA margin of JK Tyre & Industries grew by 119 percent, an expansion of 400 basis points. The Board of directors of JK Tyre recommended a dividend of Rs 2 per equity share of Rs 2 each for the financial year ended March 31, 2021.

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