JK Tyre & Industries jumped 6.88% to Rs 98.60 at 10:13 IST on BSE after consolidated net profit galloped 236.1% to Rs 55.26 crore on 3.3% growth in net sales to Rs 1866.94 crore in Q1 June 2013 over Q1 June 2012.
The Q1 result was announced after market hours on Wednesday, 14 August 2013. The stock market was closed on Thursday, 15 August 2013 on account of Independence Day.
Meanwhile, the S&P BSE Sensex was down 460.56 points or 2.38% at 18,907.03.
On BSE, 77,000 shares were traded in the counter as against average daily volume of 15,831 shares in the past one quarter.
The stock hit a high of Rs 103.95 and a low of Rs 96.25 so far during the day. The stock had hit a 52-week high of Rs 131.25 on 10 January 2013. The stock had hit a 52-week low of Rs 84.25 on 6 August 2013.
The stock had underperformed the market over the past one month till 14 August 2013, declining 13.91% compared with the Sensex's 2.96% fall. The scrip had also underperformed the market in past one quarter, sliding 21.12% as against Sensex's 1.8% fall.
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The small-cap tyre maker has equity capital of Rs 57.20 crore. Face value per share is Rs 10.
JK Tyre & Industries' consolidate operating profit surged 48% to Rs 238 crore in Q1 June 2013 over Q1 June 2012.
JK Tyre & Industries said that the increase in Q1 profitability was primarily supported by further consolidation of Truck/Bus Radial leadership in the market, enlarged customer base and entering new markets and impressive performance by overseas manufacturing and sales operations by JK Tornel, Mexico.
Commenting on the company's Q1 results, Dr. Raghupati Singhania, CMD, JK Tyre & Industries said, "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. The rupee depreciation remains a major cause of concern with its cascading effect on input costs."
Commenting on the export performance and the company's international operations, Dr. Singhania said, "The exports from the Indian base has been extremely favorable and our Mexican operations have also performed very well and have added to the profitability of the company. An expansion of Passenger Car radials to enhance capacity by 25% is currently underway at JK Tornel."
JK Tyre & Industries is engaged in designing, developing, manufacturing, distributing and servicing of conventional and radial tyres, tubes and flaps. It manufactures truck and bus radials, steel radials for cars, light commercial vehicle (LCV), truck and bus.
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