JK Tyre net down 61%

The company had a standalone net profit of Rs 86.34 crore in the January-March quarter

JK Tyre Industries on Monday posted a 61 per cent decline in standalone net profit to Rs 34 crore for the quarter ended March 31.

The company had registered a standalone net profit of Rs 86 crore in the January-March quarter of the previous financial year. Net sales stood at Rs 1,377 crore, against Rs 1,485 crore in the year-ago period.

However, for the financial year 2012-13, the company posted a profit of Rs 105.5 crore, against Rs 11 crore in 2011-12.