JK Tyre Declares Result For FY 2020
News Desk, News Nation 360 : Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its results for Financial Year ending 31st March 2020. Net Revenue were at Rs.8,753 crores while Operating Profit for the year was Rs. 1,016 crores. Profit after Tax was Rs. 141 crores on a consolidated basis. Commenting upon the results, Dr Raghupati Singhania Chairman and Managing Director of the Company said that the tyre industry has been facing a downturn before the current pandemic, which further aggravated the situation posing unprecedented challenges. As a consequence, both the commercial and passenger segments have been severely impacted. Despite this, the Company posted higher sales in passenger car and 2-3 wheeler segments. In addition, exports registered a growth of 37% with renewed focus. At JK Tyre, their prime concern has been the welfare of their people and their families across all their locations in India and Mexico. They accord the highest priority to their safety and well being more so, in this extraordinary challenging COVID- 19 situation. The Company also encountered headwinds on the currency front with the Indian rupee weakening significantly towards the end of the Financial Year 2019-20. US Dollar liability of the Company along with its subsidiaries Cavendish and JK Tornel, Mexico had to be recorded at the exchange rates prevailing on the last day of the Financial Year, which though exceptional and notional in nature, impacted the Profit Before Tax.
Report : Anustup Kundu