The corporate stated in a press release that gross sales of economic and two-three wheeler tyres did effectively through the quarter.
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JK Tyre’s working revenue went down by 98.54 per cent in Q1 FY2021
The Coronavirus disaster has not solely disturbed the tempo of the auto trade, but in addition of its ancillaries. One of many greatest Tyre producer of India – JK Tyre & Industries has recorded a loss after tax of ₹ 202.15 crore in first of FY2021 as in comparison with a revenue after tax (PAT) of ₹ 15.68 crore in the identical quarter final 12 months. The corporate’s income in the identical interval went down by 55.91 per cent at 1,138.14 crore as in comparison with ₹ 2,581.47 crore in the identical interval a 12 months in the past. JK Tyre’s working revenue in the identical quarter took a serious hit, witnessing a steep decline of 98.54 per cent at ₹ three.58 crore as in comparison with ₹ 245.69 crore in the identical quarter final 12 months.
Additionally Learn: JK Tyre Reports Loss Of ₹ 53 Crore In Q4 FY20
The corporate additionally stated in a press release that gross sales of economic and two-three wheeler tyres did effectively through the quarter.
Commenting upon the outcomes, Dr. Raghupati Singhania Chairman and Managing Director – JK Tyres stated, “It was certainly one of many hardest Quarters ever. Financial exercise, which got here to a halt in direction of the tip of the final quarter began slowly in mid-Could. Our preparedness to fulfill alternative demand paid off effectively. Because the lock down was progressively eased we have been in a position to cater to market demand particularly within the industrial section. The truth is, the Firm has achieved the best ever gross sales within the Substitute marketplace for its India Operations in June 20 which resulted in a progress of approx. three per cent on YoY foundation. OEMs volumes are nonetheless reeling from the influence of COVID-19, leading to sluggish automobile manufacturing”.
Additionally Learn: JK Tyre Announces Entry Into The US Market
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The corporate additionally stated in a press release that gross sales of economic and two-three wheeler tyres did effectively through the quarter. Crops have began working from early June, however by way of gross sales, the general demand continues to be subdued.
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