Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its audited results for FY2024. The tyre major achieved the highest ever sales and profits during FY2024.

The company's sales at Rs.15,046 crore was marginally higher with EBIDTA of Rs.2,122 crore increasing by 59 per cent and PAT of Rs.811 crore registering a 2X increase.

Profit after tax of Rs.811 crore is after making provisions of Rs.106 crore for liability towards "Extended Producer's Responsibility" imposed by Government of India on the tyre industry.

Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD) of JK Tyres, said, "This performance is attributed to our continued focus on product premiumisation, widening market reach and tech enabled manufacturing and digitalisation across operations achieving better efficiencies. Moreover, our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results, reinforcing our financial resilience."

During the year exports were flat in the face of geo-political disruptions including freight hikes. In the coming quarters, the company expects to improve its export volumes.

JK Tyre's subsidiaries, Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, continued to make significant contributions to the overall revenues and profitability of the company.

"We remain optimistic on tyre demand outlook led by robust infra-spends and buoyed economic activities which will help us move towards our vision of becoming a green and trusted mobility partner," the CMD added.