JK Tyre Shares Surge 10% on Strong Q4 Earnings
May 22, 2024 11:36
JK Tyre & Industries' shares jumped over 10% after reporting a 54% rise in consolidated net profit for the March quarter. The company's revenue also grew significantly.
Illustration: Dominic Xavier/Rediff.com
New Delhi, May 22 (PTI) Shares of JK Tyre & Industries on Wednesday zoomed over 10 per cent after the company's consolidated net profit increased 54 per cent for the fourth quarter ended March 31, 2024.
The company's stock climbed 10.49 per cent to Rs 446.75 on the BSE.
At the NSE, it rallied 10.55 per cent to Rs 447.20 apiece.
JK Tyre & Industries on Tuesday said its consolidated net profit increased 54 per cent to Rs 172 crore for the fourth quarter ended March 31, 2024, on account of higher sales.
The tyre maker had reported a net profit of Rs 112 crore in the year-ago period.
Total income rose to Rs 3,714 crore for the fourth quarter as compared with Rs 3,645 crore in the year-ago period, JK Tyre said in a statement.
For the full-year ended March 31, 2024, the tyre maker posted a net profit of Rs 811 crore, a three-fold jump, as against Rs 265 crore in FY23.
Total income rose to Rs 15,046 crore for the last fiscal as compared with Rs 14,681 crore in FY23.
The company said it achieved highest-ever sales and profits during FY24.
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