India's JK Tyre reports 23% fall in quarterly profit on higher costs

JK Tyre & Industries

01/11/2022 14:03

Nov 1 (Reuters) - Indian tyremaker JK Tyre and
Industries Ltd  JKIN.NS  posted a 23% fall in its second-quarter
profit on Tuesday, hurt by higher input costs.
    Consolidated net profit came in at 513.1 million rupees
($6.22 million) for the quarter ended Sept. 30, compared with
665.6 million rupees a year earlier. Revenue from operations
rose 25.8% to 37.57 billion rupees. 
    Total expenses rose 26.6% to 36.68 billion rupees, with
input costs up 20.7%. Oil prices have risen sharply after
Russia's invasion of Ukraine earlier this year, raising the cost
of petrochemicals which are used as a key component in tyre
manufacturing.
    "During the quarter, original equipment manufacturers
offtake improved post-easing in semi-conductor supplies, festive
season and good traction in economic activities," Chairman and
Managing Director Raghupati Singhania said in a statement.    
($1 = 82.4770 Indian rupees)
 (Reporting by Anisha Ajith and Navamya Ganesh Acharya in
Bengaluru; Editing by Subhranshu Sahu)
 ((anisha.ajith@thomsonreuters.com;))