Bengaluru, NFAPost: JK Tyre & Industries Ltd., a major player in the Indian Tyre Industry, has released its annual audited financial results for FY2023. The company’s Board has recommended a dividend of 100% (Rs. 2 per share with a face value of Rs. 2 each).
Dr Raghupati Singhania, the Chairman and Managing Director (CMD), commented on the results, stating that JK Tyre achieved its highest-ever revenues of Rs. 14,681 crores during FY2023, marking a growth of 22%. This growth can be attributed to increased domestic demand in key segments such as commercial and passenger vehicle tyres. Despite global headwinds, the company’s exports also performed well.
The operating margins showed sequential improvement in the fourth quarter of FY2023, benefiting from a decrease in input costs. Driven by the uptick in economic activities and infrastructure growth, JK Tyre remains optimistic about the future growth of the tyre industry.
JK Tyre’s subsidiaries, Cavendish Industries Ltd. and JK Tornel in Mexico, also demonstrated strong performance with increased volumes, revenues, and profitability.
Dr Raghupati Singhania emphasized the company’s commitment to innovation and excellence, stating that they will continue to deliver high-quality and innovative products to their customers. The recent launch of the ‘Levitas Ultra’ range, an Ultra-High-Performance Tyre, reinforces its product positioning and focus on the premium market segment.
Additionally, the International Finance Corporation (IFC), a member of the World Bank Group, has invested Rs. 240 crores (USD 30 million) in JK Tyre through Compulsory Convertible Debentures (CCDs). This investment reflects IFC’s confidence in the future prospects of the company and the overall tyre industry.
