JK Tyre & Industries Q1 net profit at Rs 25 crore

NEW DELHI: JK Tyre & Industries today posted a net profit of Rs 24.71 crore for the first quarter ended June 30, 2012, over the same period of previous fiscal.

The company had posted a net profit of Rs 96 lakh during the same period of previous fiscal, JK Tyre & Industries said in a statement.

Net sales of the company rose to Rs 1,434.08 crore for the first quarter ended June 30, 2012, compared to Rs 1,402.12 crore for the same period of 2011-12 fiscal.

"There has been a considerable improvement in profitability due to various steps such as enhancing our focus on higher realisation market segments and launching many new products apart from several cost compression measures," JK Tyre & Industries Vice Chairman & Managing Director Raghupati Singhania said.

He added that stabilisation of input prices to some extent helped achieve better results.

"We are optimistic about clocking good volumes on the back of strong demand for our tyres across segments and capacity expansions," Singhania added.

Shares of JK Tyre & Industries today closed at Rs 89.75 on the BSE, up 1.07 per cent from its previous close.