JK Tyre shares rally nearly 7 pc after Q1 earnings

Shares of JK Tyre & Industries on Friday jumped nearly 7 per cent after the company reported an over four-fold rise in consolidated net profit at Rs 158.59 crore for the first quarter ended June 30, 2023.

The stock rallied 6.73 per cent to settle at Rs 283 apiece on the BSE. During the day, it jumped 7.86 per cent to its 52-week high of Rs 286.

On the NSE, it climbed 6.79 per cent to end at Rs 283 per share.

On volume front, 6.70 lakh shares of the company were traded on the BSE and over 87.92 lakh shares on the NSE during the day.

The company had posted a consolidated net profit of Rs 35.13 crore for the same period of the last fiscal, JK Tyre & Industries said in a regulatory filing.

Revenue from operations was at Rs 3,718.08 crore as compared to Rs 3,643.03 crore in the year-ago quarter, it added.

Total expenses were lower at Rs 3,489.01 crore as against Rs 3,557.97 crore in the same period a year ago.

''The financial year 2024 has started on a positive note, in terms of better profitability as a result of our continued focus on premiumisation of the product mix, indeed aided by stable input costs,'' JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)