India's JK Tyre Reports 23 Percent Fall In Quarterly Profit On Higher Costs
Indian tyremaker JK Tyre and Industries Ltd posted a 23 percent fall in its second-quarter profit on Tuesday, hurt by higher input costs.
Consolidated net profit came in at Rs 513.1 million for the quarter ended 30 Sept, compared with Rs 665.6 million a year earlier. Revenue from operations rose 25.8 percent to Rs 37.57 billion.
Total expenses rose 26.6 percent to Rs 36.68 billion, with input costs up 20.7 percent. Oil prices have risen sharply after Russia's invasion of Ukraine earlier this year, raising the cost of petrochemicals which are used as a key component in tyre manufacturing.
"During the quarter, original equipment manufacturers offtake improved post-easing in semi-conductor supplies, festive season and good traction in economic activities," Chairman and Managing Director Raghupati Singhania said in a statement.
Source - Reuters
