JK Industries net up 160% to Rs 384 crore

Mumbai: JK Industries Ltd (JKI), the leader in the Indian tyre industry and the manufacturers of the well-known JK Tyre brand, has posted a turnover of Rs 384 crore for the quarter ended 30 June 2002 an increase of 8 per cent over the corresponding quarter.

The profit before tax for the quarter at Rs 10.29 crore has registered a handsome increase of 160 per cent. JKI achieved these results in the wake of a reduction in tyre prices on account of intense competition in the market place. JK Tyre, along with its subsidiary Vikrant, holds the No 1 position in the four-wheeler tyre segment with a market share of 20.8 per cent. JK Tyre and Vikrant continue to be the leaders in the commercial tyre segment, which constitute 70 per cent of the tyre market with the highest market share in the Indian tyre industry.

JK Tyre maintains its dominant position in the passenger car radials. JK Tyre is a preferred supplier with most of the OEMs. JK Tyre has launched several new products, including the recently launched tractor radial Tyre. JK Tyre is in the process of further expanding its passenger radial capacity to strengthen its position further. A greater thrust on exports is yielding good results. JK Tyre, along with Vikrant, holds its No 1 position, being the highest exporter of tyres in the country with exports to over 60 countries across six continents. JK Tyre has tied up with a leading tyre manufacturer in China and is outsourcing tyres for its international markets. These initiatives shall be further intensified in the coming months.

JK Sugar achieved a growth of 31 per cent in the cane crushed for the season. JK Sugar is also implementing expansion. The first phase of the capacity expansion up to 4300 TCD is already over. JK Agri Genetics, the makers of the well-known JK Seeds, has continued to perform well and maintain its leadership in the hybrid seed industry.

The expected revival in the Indian economy, particularly the transport and the automobile sector, should lead to further strengthening the companys operations in the coming months.