JK Tyre & Industries Ltd. (JK Tyre) has announced its unaudited financial results for the first quarter of the fiscal year 2025. The company reported significant improvements in key financial metrics, demonstrating resilience and strategic agility amidst challenging market conditions.
Indian tyre makers MRF Ltd. and JK Tyre & Industries have published their annual reports for the 2023-24 financial year ahead of their respective annual general meetings on 1 and 2 August. Both documents can be read and downloaded here.
Leading Indian truck and bus radial (TBR) manufacturer, JK Tyre & Industries has introduced its new and advanced range of commercial tyres for the transportation sector. The company introduced four new variants, the Jetway JUM XM, Jetway JUC XM, Jetsteel JDC XD, and the Jetway JUXe for electric buses. JK Tyre states that the expansion of its product portfolio underscores its “dedication to providing advanced, high-performance solutions that combine superior performance, economic benefits, and environmental responsibility.” It said the launch was a “significant milestone” in its commitment to driving sustainable mobility solutions; the tyres are designed to enhance performance, operational efficiency, cost savings and sustainability.
CARE Ratings Limited (CARE) has upgraded JK Tyre and Industries Limited (JKTI)’s credit rating from CARE A+ to CARE AA- and reaffirmed its short-term ratings of CARE A1+. The outlook has also been revised from Positive to Stable.
During a recent earnings call, JK Tyre & Industries’ managing director, Anshuman Singhania, shared that the company is investing Rs 14 billion (£131.76 million) to increase its production capacities for TBR, PCR and ASLTR (all-steel light truck radial) tyres. He commented that these projects are “under implementation and progressing well.”
JK Tyre & Industries reports a 56.24 per cent year-on-year increase in profit after tax during the fourth quarter of FY24, reaching Rs 1.69 billion (£16 million). The company also recorded a 1.82 per cent rise in its consolidated revenue from operations, totalling Rs 36.98 billion (£349 million). It attributes this increase in profit to product premiumisation and expanded market reach.
JK Tyre & Industries Ltd has inaugurated its 22nd brand shop in the Tamil Nadu region, thereby further expanding the company’s last mile presence in the country. The one-stop solution brand shop – Hindustan Tyres was inaugurated by Mr. Sanjeev Sharma, Vice President – Mobility Solutions & Fleet Management, JK Tyre & Industries Ltd. along with other senior officials of the company. JK Tyre reports that it now has 92 branded truck tyre retail centres across India.
JK Tyre & Industries Limited has successfully concluded a 5-billion-rupee (£47.474 million; 55 million euros; US$60.125 million) Qualified Institutional Placement (QIP). The QIP was priced at 345 rupees per share (including a premium of 343 per share with face value of 2 rupees per share). According JK Tyre, the QIP received an “overwhelming response” from “marquee investors including Indian mutual funds, insurance companies and foreign institutional investors”.
India’s JK Tyre & Industries Limited has successfully concluded its fund-raising plans of Rs 5 billion (£47.2 million) by way of Qualified Institutional Placement (QIP). The tyre maker will utilise funds gained through the QIP for capital expenditure projects and to strengthen its balance sheet.
The 19th edition of the Indian Car of the Year (ICOTY) and 17th edition of Indian Motorcycle of the Year (IMOTY) awards have been promoted by JK Tyre ever since their inception. According to the company, these awards stand as “the pinnacle of recognition in the Indian automobile industry, with a legacy of honouring excellence and innovation”.
Established in the West Midlands in 2012, GB Tyres has reportedly become one of the fastest-growing tyre importers and exporters in Europe. Nevertheless, despite its large and growing size, the business is still family-run and puts customer service at the heart of its ethos. The business offers a wide range of commercial vehicle tyres in stock. In fact, GB Tyres boasts one of the largest stocks of commercial vehicle tyres across Europe.
The first phase capacity expansion of JK Tyre & Industries’ Banmore plant in Madhya Pradesh, India is now complete. An investment of Rs 3.12 billion (£30.1 million) has lifted capacity for passenger car radials by 31 per cent, to 5.1 million tyres per annum. An additional investment of Rs 6.17 billion (£59.5 million) will increase capacity by an additional 31 per cent by April 2024.
On 13 June, JK Tyre & Industry announced the opening of its European Technology Centre in Milan, Italy. The team in Milan will work closely with the team at JK Tyre’s Global Technology Centre in India and the company’s satellite R&D Centre in Mexico, according to company representatives. JK Tyre reports that it exports tyres to more than 100 countries so the task of the technology centre will be to “support product development for worldwide sites in OEM and replacement markets”.
A couple of weeks after Apollo Tyres unveiled car tyres containing 75% sustainable materials, JK Tyre & Industries has seen Apollo’s 75 and raised it 5. The company has produced a passenger car radial with 80% recycled and renewable materials – and says it will offer such a range “in due course.”
World Bank Group member IFC is investing US$30 million in JK Tyre & Industries. These funds will part-finance the expansion of capacities and integration of resource-efficient technologies into TBR & PCR manufacturing, leading to a more than 10% increase in radial tyre production. IFC gains a 5.6% stake in the tyre maker.
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