JK Tyres skids
On the back of lower raw material prices and increased domestic demand, JK Tyres posted dramatic earnings for Q4FY23 with net profit coming in at Rs.108 crore, an almost 3-times surge from Rs.40 crore posted in Q4FY22.
The company’s revenue from operations rose 10% at Rs. 3,632 crore.
EBITDA for the quarter was up 65% at Rs.376 crore while margins jumped up from 6.9% to 10.4%.
And for FY23, the company has achieved highest ever revenues of Rs.14,681 crore, registering a growth of 22%.
The stock price is seeing a lot of volatility; though it opened higher at Rs.202 from its close of Rs.199.25, which was also its intraday high; from there was profit booking and the stock fell into the red at Rs.187.30 and there remain more sellers than buyers on the counter.