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.
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.
Promoted by JK Tyre since its inception, the Indian Car of the Year (ICOTY) and Indian Motorcycle of the Year (IMOTY) awards took place for the 18th time in New Delhi on 12 January. Dr Raghupati Singhania, chairman and managing director of JK Tyre & Industries Limited, was on hand to present accolades to this year’s winners, a list of worthies that includes the KIA Carens as ‘Indian Car of the Year 2023’ and the Royal Enfield Hunter as ‘Indian Motorcycle of the Year 2023’.
JK Tyre & Industries Limited has appointed Anuj Kathuria to the role of President (India). Based in Delhi, Mr Kathuria reports to Dr Raghupati Singhania, the company’s chairman and managing director, and managing director Anshuman Singhania.
Narain Karthikeyan, who in 2005 became India’s first-ever Formula 1 driver, has signed on as a JK Tyre brand ambassador. Commenting on the arrangement, Raghupati Singhania said the tyre maker was “delighted” to have Karthikeyan represent the JK Tyre brand in India.
JK Tyre & Industries Ltd. has named Anshuman Singhania as a managing director of the company. He took over this remit yesterday and will serve a five-year term.
Apollo Tyres shared last Friday that its senior management would take a pay cut in response to market pressures related to the coronavirus pandemic, and yesterday the team at JK Tyre & Industries announced similar measures.
Senior management at Indian tyre manufacturer JK Tyre will take a 25 per cent pay cut during the Covid-19 outbreak. Chairman and managing director Raghupati Singhania stated that the board was taking the cut “in a show of solidarity in this critical time,” noting the “unprecedented” impact of the virus on sales and profitability.
In June and July, J.K. Organisation company JK Credit & Finance acquired 50.003 per cent equity shares in Indian start-up Treel Mobility Solutions Pvt. Ltd. JK Tyre & Industries has now obtained 26 per cent equity in the smart tyre system specialist from its group sibling and rebranded Treel as a ‘JK Tyre Product’. JK Tyre paid Rs 59.8 million for its 26 per cent share in Treel; JK Credit & Finance continues to hold 24.003 per cent in the company.
“We are indeed passing through challenging times.” These were the words from Dr Raghupati Singhania after JK Tyre & Industries Ltd. released its final results for the first quarter of its 2017-18 financial year. Nevertheless, the chairman and managing director is confident that the company’s performance will improve moving forwards.
Days after India’s Directorate General of Anti-Dumping published its final findings into truck and bus tyres imported from China and recommended the introduction of anti-dumping duties for certain products, the chairman and managing director of the country’s largest domestic producer of truck and bus radials supported the measure with comments of his own. During his speech at JK Tyre & Industries Ltd’s annual general meeting on 4 August, Dr Raghupati Singhania declared it is “high time” India’s government undertook such a step.
Days after India’s Directorate General of Anti-Dumping published its final findings into truck and bus tyres imported from China and recommended the introduction of anti-dumping duties for certain products, the chairman and managing director of the country’s largest domestic producer of truck and bus radials supported the measure with comments of his own. During his speech at JK Tyre & Industries Ltd’s annual general meeting on 4 August, Dr Raghupati Singhania declared it is “high time” India’s government undertook such a step.
Radialisation of the truck tyre segment in India has been a major subject over the past decade, and JK Tyre and Industries Limited considers itself the “undisputed leader” in this field. The tyre maker produced its first truck and bus radial in 1999 and currently holds the capacity to produce 3.5 million units per annum. On 22 August, the 10 millionth radial truck tyre produced rolled off the line at the company’s Vikrant plant in Mysuru (Mysore).
India’s JK Tyre reportedly intends to bring its research and development teams together into a new RS 1 billion (£11.4 million) centre at its Mysuru (Mysore) site. According to IANS, company chairman Dr Raghupathi Singhania disclosed yesterday that facilities “currently spread over different locations” will be “brought under one roof” in a “world-class” centre.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.