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The firm stated in an announcement that gross sales of economic and two-three wheeler tyres did nicely in the course of the quarter.
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JK Tyre’s working revenue went down by 98.54 per cent in Q1 FY2021
The Coronavirus disaster has not solely disturbed the tempo of the auto business, but additionally of its ancillaries. One of the most important Tyre producer of India – JK Tyre & Industries has recorded a loss after tax of ₹ 202.15 crore in first of FY2021 as in comparison with a revenue after tax (PAT) of ₹ 15.68 crore in the identical quarter final 12 months. The firm’s income in the identical interval went down by 55.91 per cent at 1,138.14 crore as in comparison with ₹ 2,581.47 crore in the identical interval a 12 months in the past. JK Tyre’s working revenue in the identical quarter took a significant hit, witnessing a steep decline of 98.54 per cent at ₹ 3.58 crore as in comparison with ₹ 245.69 crore in the identical quarter final 12 months.
Also Read: JK Tyre Reports Loss Of ₹ 53 Crore In This fall FY20
Commenting upon the outcomes, Dr. Raghupati Singhania Chairman and Managing Director – JK Tyres stated, “It was indeed one of the toughest Quarters ever. Economic activity, which came to a halt towards the end of the last quarter started slowly in mid-May. Our preparedness to meet replacement demand paid off well. As the lock down was progressively eased we were able to cater to market demand especially in the commercial segment. In fact, the Company has achieved the highest ever sales in the Replacement market for its India Operations in June 20 which resulted in a growth of approx. 3 per cent on YoY basis. OEMs volumes are still reeling from the impact of COVID-19, resulting in sluggish vehicle manufacturing”.
Also Read: JK Tyre Announces Entry Into The US Market
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The firm additionally stated in an announcement that gross sales of economic and two-three wheeler tyres did nicely in the course of the quarter. Plants have began working from early June, however when it comes to gross sales, the general demand continues to be subdued.
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