 "JK Tyre and Industries Q3 results: Profit rises three-fold to Rs 221 cr")
JK Tyre and Industries on Tuesday reported a more than three-fold rise in third-quarter profit, boosted by lower raw material costs.
Consolidated net profit rose to Rs 221 cr ($26.6 million) for the quarter ended Dec. 31 from Rs 65.59 crore a year earlier.
This is the fifth straight rise in quarterly profit for the company, which counts Tata Motors and Maruti Suzuki India as its customers.
Revenue from operations rose 2.1% to 36.88 billion rupees.
KEY CONTEXT
At an industry level, demand for tyres has been weak despite start of the busy season, analysts said. Apollo Tyres and JK Tyre remain participants in the market, not able to dictate prices. MRF continues to be market leader, they added.
MRF has yet to report results and rival CEAT reported a rise in profit similar to JK Tyre, thanks to price hikes.
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JK Tyre's revenue from operations rose for the fourteenth straight quarter.