JK Tyre and Industries plans to invest Rs 1,025 crore to increase production capacity by a fifth to meet the growing demand for tires in the domestic automotive market. The company, which is currently utilizing 95% of its existing annual tire capacity of 155.11 lakh, plans to increase its production capacity by about 20% by October 2025. The expansion is planned to be financed through equity/internal accruals and liabilities.
Raghupati Singhania, chairman and managing director of JK Tire and Industries, told ET that the company is planning new investments to increase capacity amid strong demand from the local market.
JK Tire and Industries on Nov 1 reported a nearly fivefold increase in group net profit to 249 billion rubles in the second quarter, compared with about 50 million rubles in the same period last fiscal, driven by operational efficiencies, product premiums in various segments and impairment. Prices of raw materials,
On a consolidated basis, net revenue went up 4% to Rs 3,905 crore from Rs 3,764 crore in Q2FY23. EBITDA (Earnings before interest, tax, depreciation and amortization) increased to Rs 597 crore, as against Rs 305 crore in the year-ago period.
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