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JK Tyre
JK Tyre & Industries on Tuesday said it has received a USD 100 million sustainability-linked loan from the International Finance Corporation (IFC). The funding includes USD 30 million for JK Tyre and up to USD 70 million for Cavendish Industries Ltd (CIL), a subsidiary of the company, the tyre maker said in a statement. The funding will support the company's expansion of passenger car radial (PCR) tyre capacity at the Banmore plant in Madhya Pradesh, it added. The capital would also be utilised to expand truck and bus radial (TBR) production capacity at CIL's Laksar plant in Uttarakhand, it added. The initiative aims to promote energy-efficient tyre production, strengthen local supply chains, and create jobs, JK Tyre said. "By aligning financing to sustainability goals, we aim to drive positive environmental and social impact while achieving our growth objectives," JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said. "This reaffirms our commitment to ..
JK Tyre & Industries on Saturday reported a 37 per cent year-on-year increase in consolidated net profit at Rs 211 crore in the first quarter ended June 30, 2024. The tyre maker has reported a net profit of Rs 154 crore for the April-June quarter of last fiscal. Total income declined to Rs 3,655 crore for the period under review from Rs 3,726 crore in the June quarter of FY24, JK Tyre said in a regulatory filing. "We continue to deliver profitable growth with a year-on-year increase in operating margins," JK Tyre Chairman and Managing Director Raghupati Singhania said. The company's strategic thrust on premiumisation and pricing has helped it manage the raw material cost pressures, he added. Although overall revenues were marginally lower due to decline in the OEM segment, this was largely offset by increased exports, Singhania stated. During the quarter, exports recorded healthy double-digit growth, despite geo-political disruptions and rising ocean freight, he said. "Looking .
Tyre manufacturer JK Tyre and Industries Ltd has inaugurated its brand shop in Tamil Nadu bolstering its retail presence in the country. The new outlet is the 22nd brand shop in Tamil Nadu and it is located on the State Highway 142 on the Perambalur-Thuraiyur Road. The ultra-modern shop has been designed to provide best-in-class customer solutions thereby strengthening JK Tyre's network presence, a company statement said here. The brand shop - Hindustan Tyres - was inaugurated by JK Tyre and Industries Ltd Vice President - Mobility Solutions and Fleet Management, Sanjeev Sharma. The state-of-the-art facility is equipped with highly trained technical advisors, wheel servicing equipment, full range of tyres for commercial vehicles among others. JK Tyres and Industries Ltd has a network of more than 6,000 dealers and over 650 dedicated brand shops across the country.
Japanese tyre major Bridgestone expects to clock 25 per cent growth in revenue between 2024 and 2026 in India, which is its fastest-growing market globally, according to senior company officials. The company, which on Wednesday launched its 'Turanza 6i' premium range of passenger vehicle tyres developed specifically for the Indian market, will be increasing its tyre production to 40,000 per day in the next four to five years from the current 30,000 per day. "The size of the business (in India) out of our total global portfolio today is limited. However, it is the fastest-growing business portfolio in our global business. So that's why huge attention is there and strategic attention is here in India," Bridgestone India Managing Director Hiroshi Yoshizane told PTI in an interview. He said Bridgestone is already a leader in the aftermarket segment of passenger vehicle tyres in India with around 20 per cent share and the company's goal is to strengthen its position further. When asked
JK Tyre expects demand momentum to continue for the tyre industry in the medium to long term, with the automobile industry set to grow amid a positive economic environment, according to a top company official. In an interaction with PTI, JK Tyre & Industries MD Anshuman Singhania expressed hope that the tyre maker would also continue to witness momentum in its top line and profitability. For the third quarter ended December 2023, the company reported a three-fold increase in its consolidated net profit to Rs 227 crore. Its revenue from operations rose to Rs 3,688 crore for the October-December period against Rs 3,613 crore in the year-ago period. "We are very optimistic in terms of the medium to long-term demand, which is coming in. We are seeing that private sector capex cycles have really started to kick in," Singhania said. There is an increase in disposable incomes, which is leading to positive buying sentiments, he added. "So, in all, we see that the economy is going to be i