JK Tyre records excellent performance in Q4 FY21
Indian Tyre Industry major JK Tyre & Industries Ltd. (JK Tyre) announced its results today for Q4FY21 & FY21.
The Board has recommended a dividend of 100 % on its equity shares.
Performance Highlights (Consolidated) - Q4FY21 vs. Q4FY20
- Consolidated net revenues stood at Rs.2,945 crore up by 63%.
- EBIDTA at Rs.472 crore, recorded an increase of 119% with margin expansion of 400 bps.
- Multifold growth in PBT and PAT on y-o-y basis stood at Rs.281 crore and Rs.195 crore respectively.
Performance Highlights (Consolidated) - FY21 vs. FY20
- Consolidated net revenues stood at Rs.9,145 crore up by 4%.
- EBIDTA at Rs.1,349 crore, increased by 33% with margin expansion of 310 bps.
- PAT stood at Rs.331 crore, an increase of 134%.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, "The year began with India in lockdown due to COVID-19 pandemic and the economy grinding to a halt with Q1FY21 almost a wash out. Economy started opening up gradually from mid-May. As a result of several initiatives taken JK Tyre recovered fast and achieved highest Sales in Q3FY21 & Q4FY21 increasing its market presence. With high capacity utilization, control on costs and reduced working capital, special focus on customer outreach and premium products offering, profitability improved significantly. Similarly, JK Tyre subsidiaries - Cavendish Industries and JK Tornel also added to substantial overall improvement in the profitability of the Company."
Dr. Singhania further said, "JK TYRE is fully geared to face challenges emanating from rising raw material prices and prevailing lockdowns under second wave of novel virus."
He further commented, "Despite these headwinds, the Company expects to continue capturing opportunities that are arising in this new environment in India and abroad."