JK Tyres hits new high

JK Tyres is among the top three gainers on the BSE; the stock which had closed yesterday at Rs.308.10, opened 14% at Rs.351.05, which is a new 52-week high.

The stock price hit a new high on the back of its superlative performance for Q2FY24.

The company posted a 4% (YoY) rise in consolidated turnover at Rs.3905 crore. Its EBITDA was up 96% at Rs.597 crore while margins went up 718 bps from 8.1% to 15.3%. Its net profit for the quarter zoomed up over 5-times to Rs.249 crore.  

The company said that this jump in bottomline led by improved operational efficiencies, product premiumization, further supported by raw material prices.

The company’s net debt stood at Rs.4,087 crore as on Sep’23 viz-a-viz Rs.4,518 crore as on March’23, reduction of Rs.431 crore.