JK Tyre & Industries on Friday reported an increase of 16.22 per cent in consolidated net profit at Rs 76.45 crore for the second quarter ended September 30, on account of increased sales of truck and bus radials.
The company had posted a consolidated net profit of Rs 65.78 crore in July-September quarter previous fiscal, JK Tyre said in a statement.
The company's consolidated total income increased by 3.64 per cent to Rs 1,872.40 crore during the quarter under review as against Rs 1,806.56 crore of the same quarter in the previous fiscal.
Commenting on the second quarter performance, JK Tyre & Industries Chairman & Managing Director Raghupati Singhania said: "The company put up a good performance during the second quarter. Our emphasis on truck and bus radials continues to help us ward off slow growth in the overall automotive market."
The company's focus on replacement market by expanding the width and depth of the distribution network, backed by introduction of high performing new products has reaped good dividends, he added.
JK Tyre has maintained its leadership in truck/bus radials. JK Tornel, Mexico also continues to perform well and has added to both the top and bottom line of JK Tyre.
Its expansion in the PCR category is progressing well and the increased output of PCR tyres is expected from early next year onwards as planned.
On the outlook, he said:" JK Tyre's Indian expansion at an outlay of Rs 1,430 crores to add capacity in the TBR (Truck and Bus Radial Tyre) and PCR (Passenger Car Radial) categories at Chennai tyre plant is moving ahead at full steam as per schedule".
For the first half of 2014-15, JK Tyre consolidated net profit increased 8.96 per cent to Rs 131.89 crore as against Rs 121.04 crore in the same period last year.
JK Tyre's consolidated total income during the six-month period increased marginally 1.46 per cent to Rs 3,736.56 crore, as against Rs 3,682.59 crore in the same period of the previous fiscal.
Shares of JK Tyre on Friday closed at Rs 517.55 per scrip on Bombay Stock Exchange (BSE), down 0.50 per cent from their previous close.