Indian Tyre Industry major, JK Tyre & Industries Ltd. (JK Tyre) announced its audited results for FY2024. The Board has recommended a dividend of Rs.4.50 per equity share (including interim dividend of Rs.1.00 per equity share already paid) i.e. 225% for the financial year ended 31st March, 2024.
Commenting on the results, Dr. Raghupati Singhania, Chairman and Managing Director (CMD), said, “JK Tyre achieved highest ever sales & profits during FY2024. Sales at Rs.15,046 crore was marginally higher with EBIDTA of Rs.2,122 crore increasing by 59% and PAT of Rs.811 crore registering a 2X increase. This performance is attributed to our continued focus on product premiumization, widening market reach and tech enabled manufacturing & digitalization across operations achieving better efficiencies.
Moreover, our strategic initiatives to fortify our balance sheet through equity infusion yielded fruitful results, reinforcing our financial resilience”. Profit after tax of Rs.811 crore is after making provisions of Rs.106 crore for liability towards “Extended Producer’s Responsibility” imposed by Govt. of India on the tyre industry. During the year exports were flat in face of geo-political disruptions including freight hikes. In the coming quarters, company expects to improve it’s 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 & trusted mobility partner. During FY24, JK Tyre raised Rs.500 crore through QIP that helped deleverage in balance sheet.
About JK Tyre & Industries Limited (CIN No. L67120RJ1951PLC045966)
The flagship company of JK Organisation, JK Tyre & Industries Ltd is amongst the top 20
manufacturers in the world. Pioneers of radial technology, the Company produced the first
radial tyre in 1977 and is the market leader in Truck Bus Radial segment. The Company
provides end-to-end solutions across segments of passenger vehicles, commercial vehicles,
farming, Off-the-Road and two & three-wheelers.
The Company has 12 globally benchmarked ‘sustainable’ manufacturing facilities – 9 in India and 3 in Mexico – that collectively produce around 34 million tyres annually. The Company also has a strong network of over 6000 dealers and 750+ dedicated Brand shops called as Steel Wheels, Truck Wheels and Xpress Wheels. JK Tyre exports to about 100 countries with over 230 global distributors.
JK Tyre’s unwavering commitment towards innovation is reflected through its state-of-theart global research and technology centre – the Raghupati Singhania Centre of Excellence – in Mysore, which houses some of the world’s finest technologies and techniques.
JK Tyre launched India’s first ever ‘Smart Tyre’ technology-and introduced Tyre Pressure
Monitoring Systems (TPMS) which monitors the tyre’s vital statistics, including pressure and
temperature. In 2024, the company rolled out its 30 millionth Truck/Bus Radial tyre
becoming the first and the only Indian company to achieve this milestone.
JK Tyre is featured among the list of Superbrands India in 2023 for the ninth year.
Additionally, JK Tyre was featured among India’s Best Companies to Work For in 2024 by
Great Place to Work. Another remarkable addition to the list of the brand’s accolades is being a 4-time recipient of the Economic Times – Iconic Brand of the Year Award. JK Tyre has been conferred with most coveted Safety award in the world -the Sword of Honour for Safety across its plants by the British Safety Council, UK. The company entered the Limca Book of Records with the country’s largest off-the-road tyre – VEM 04.
JK Tyre secures ‘Best in Class’ grading for second consecutive year for ESG performance in
FY24 from CareEdge. JK Tyre also received award to be among the India’s top 30 Most
Sustainable companies, organized by Business world.
JK Tyre is also synonymous with motorsport in the country. For over three decades, the
Company has relentlessly worked towards shaping India’s positioning as the motorsport hub of Asia, developing the right infrastructure for the sport and promoting young talent in the arena.