JK Tyre Q1 net surges over three-fold to Rs 55 cr

Company posted net profit of Rs 16 cr during the same period of previous fiscal

JK Tyre and Industries today said its consolidated net profit surged over three-fold to Rs 55.26 crore for the first quarter ended June 30, 2013.

The company had posted a net profit of Rs 16.44 crore during the same period of previous fiscal.

Net sales of the company rose to Rs 1,866.94 crore for the first quarter, compared to Rs 1,806.85 crore during the same period of previous fiscal, JK Tyre and Industries said in a statement.

"The automotive industry is facing one of its toughest phases in a decade and has affected all OEMs--car and commercial vehicles. JK Tyre has been able to ride over these extremely challenging times with its leadership in truck, bus radials with highest market share in India," JK Tyre and Industries CMD Raghupati Singhania said.

The rupee depreciation remains a major cause of concern with its cascading effect on input costs, he added.

Shares of JK Tyre today closed at Rs 92.25 a piece on the BSE, down 0.16% from their previous close.