India's Apollo Tyres reported a bigger-than-expected rise in quarterly profit on Thursday, boosted by lower rubber costs and strong domestic auto sales. ... -Today at 09:18 am- MarketScreener
Q4FY21 Company Update - JK Tyres & Industries - ICICI Direct equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
Indiabulls Housing Finance, Prism Johnson, Mas Financial Services, TCI Express, JK Tyres and Heritage Foodsare among companies that will announce their March quarter results today.
Q3FY21 Company Update - JK Tyres & Industries - ICICI Direct
Posted On: 2021-01-27 09:07:00 (Time Zone: Arizona, USA)
JK Tyre & Industries (JKTIL) reported a robust Q3FY21 performance with highest ever quarterly sales and PAT. Net sales for the quarter were at Rs. 2,769 crore, up 25.4% YoY. EBITDA in Q3FY21 was at Rs. 500 crore with corresponding EBITDA margins at 18.1%, up 250 bps QoQ. PAT in Q3FY21 came in at Rs. 224 crore vs. Rs. 11 crore in Q3FY20 (impacted by low margins in base quarter) and Rs. 105 crore in Q2FY21. Sequential improvement in gross margins (~140 bps) was a key highlight for the quarter. Encouragingly, interest costs continued in downward trajectory.
JK Tyres & Industries soared 13.75% to Rs 131.50 after the company's consolidated net profit surged to Rs 230.66 crore in Q3 December 2020 over a net profit of Rs 11.65 crore in Q3 December 2019.
Consolidated net sales jumped 25.9% to Rs 2769.28 crore in Q3 FY21 as against Rs 2199.80 crore in Q3 FY20. This was best ever sales for any quarter. EBITDA doubled to Rs 507 crore in Q3 December 2020. Profit before tax was at Rs 342.97 crore in Q3 December 2020 as against Rs 23.31 crore in Q3 December 2019. Tax expense for the quarter stood at Rs 67.88 crore as against Rs 14.87 crore in Q3 December 2019. The Q3 result was declared after market hours yesterday, 21 January 2021.
The benchmark indices slumped on Friday, dragged by heavy selling in banks and financial stocks. The Nifty gave up the crucial 14,400 mark. Negative global cues triggered profit booking in domestic shares.
As per the provisional closing data, the S&P BSE Sensex, tumbled 746.22 points or 1.5% at 48,878.72. The Nifty 50 index dropped 218.45 points or 1.5% at 14,371.75.
The broader market tumbled. The S&P BSE Mid-Cap index fell 1.19% while the S&P BSE Small-Cap index slipped 1.04%.
Sellers outnumbered buyers. On the BSE, 984 shares rose and 1,996 shares fell. A total of 137 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,614.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,039.48 crore in the Indian equity market on 21 January 2021, provisional data showed.
Read more about Shares turn volatile; Nifty below 14,600 on Business Standard. In broader market, the S&P BSE Mid-Cap index was up 0.3% while the S&P BSE Small-Cap index was up 0.11%.
JK Tyre Q3 results: Net profit grows manifold to Rs 230 crore
SECTIONS
Share
Synopsis
Consolidated sales during the quarter under review touched a record high at Rs 2766 crore, which is an increase of 26% over the year-ago period. Total expenses last quarter rose 13% to Rs 2473 crore. Operating quarter in the period more than doubled to Rs 507 crore.
Related
JK Tyres & Industries Thursday reported consolidated net profit of Rs 230.46 crore for the third quarter ended Dec 31, 2020 on back of a strong recovery in demand in the automotive space aided by a favourable festive season, increased consumer preference for personal mobility solutions, good monsoons and better-than-expected economic revival.