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Despite challenging environment, JK Tyre posts higher full-year profits

JK Tyre & Industries reports a 29 per cent year-on-year increase in net profit for its 2013-14 financial year. During the 12-month period between 1 April 2013 and 31 March 2014, the Indian tyre maker achieved turnover of Rs 82.8 billion (£833.7 million), nine per cent higher than in the prior financial year. Operating profit was up 41 per cent to Rs 8.9 billion (£89.6 million) while pre-tax profit grew 42 per cent to Rs 3.5 billion (£34.9 million). The 29 per cent expansion in the company’s bottom line brought net profit to Rs 2.6 billion (£26.5 million). The company has announced a 50 per cent equity share dividend.

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Mexico tyre market grew at 19% CAGR 2009-2012

Tyre market revenues in Mexico grew at around 19 per cent compound annual growth rate (CAGR) between 2009 and 2012, according to a report published by Research and Markets.

The combination of Mexico’s relatively cheap skilled labour, proximity to the United States, membership of NAFTA and 12 free trade agreements with world’s growing economies such as EU, Japan, Canada, and the United States, are said to have made the country “an ideal production centre for automobiles and components”. However the report also suggests that the automobile population in Mexico is underperforming with only 275 cars per 1,000 people as of 2012.

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Tornel operation gives JK Tyre quarter profit a boost

In its financial results for the March to June quarter – the first quarter of its current financial year – JK Tyre posted a net profit of Rs 540.4 million (£5.7 million), a year-on-year increase of 265.9 per cent. Quarter net sales came to Rs 18,669.4 (£196.0 million), 3.3 per cent higher than in the first quarter of 2012.

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Material costs squeeze JK Tyre 2011 profits

Reporting on the financial year that ended March 31, 2011, JK Tyre & Industries Ltd. notes that the selling price increases implemented for its products were unable to keep pace with raw material cost increases, and this adversely impacted upon the company’s margins. Therefore, despite a 30.9 per cent increase in net sales to Rs 59,454.4 million (£806.9 million), the Indian tyre maker’s before profit tax dropped 64.2 per cent to Rs 1,119.6 million (£15.2 million) and net profit declined 71.5 per cent to Rs 625.5 million (£8.5 million). Revenue from the company’s operations in India accounted for 80.0 per cent of total net sales and the former Tornel facilities in Mexico the remaining Rs 11,343.5 million.

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JK Tyre aiming for annual 15-20% overseas growth

Speaking to India’s Business Standard newspaper, JK Tyre & Industries vice-chairman and managing director Raghupati Singhania has shared that the tyre maker is looking at expanding its international presence by 15 to 20 per cent every year. Currently JK Tyre sells Rs 8 billion (£108.5 million) worth of goods outside of India, some 44 per cent of which is produced at international sites. These overseas facilities include the Tornel plant in Mexico, which the Indian manufacturer acquired in 2008, and partner factories in China, Vietnam and Sri Lanka.

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JK Tyre to Increase Exports to Central, South America

JK Tyre and Industries is aiming to substantially increase exports from Tornel, the Mexican company it acquired last year. According to the Press Trust of India the company aims to do this within a year through further expand within the Central and South American markets.

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JK Tyre Quarter Profits Hit by Increased Costs

Third quarter profits for JK Tyre & Industries Ltd were dented by rising material costs. Although sales in the three months to June 30,2008 were 17.7 per cent up on the previous year, between April and June the company recorded a net profit of Rs 202.4 million (£2.37 million), an increase of just 0.25 per cent on the previous year’s third quarter. Net sales for the quarter were Rs 8.49 billion (£99.57 million), as opposed to 7.22 billion (£84.68 million) a year earlier.

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JK Tyre Acquires Mexican Firm Tornel

Indian tyre firm JK Tyre & Industries has completed the purchase of a 100 per cent stake in Mexican manufacturer Tornel. The company reportedly spent 2.7 billion Rupees in bringing Tornel under its control. The move adds a 290 tonne production capacity in Mexico to JK’s domestic capacity of 650 tonnes.

In a statement from JK Tyre, the reasons cited behind the acquisition included the desire to increase the global impact of the firm, while the location of Mexico was particularly important in opening access to the North American Free Trade Agreement and the developing territories in Central and South America.

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JK Tyre Quarter Figures

Results for JK Tyre’s quarter ended March 31, 2008 show a net profit of Rs 230.2 million (£2.87 million), an increase of 67.4 per cent over the corresponding quarter last year. This profit came through net sales of Rs 8.29 billion (£103.2 million).

Upon releasing the quarter results on April 29, vice chairman and managing director Raghupati Singhania commented that the company’s Board of Directors had approved the takeover of Tornel in Mexico, and that the company’s combined capacity post-takeover would be 940 tons per day.

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