JK Tyre Reports Strong FY24 Performance, Declares 225% Dividend
JK Tyre & Industries Ltd. announced its audited results for FY2024, with the Board recommending a dividend of ₹4.50 per equity share. Dr. Raghupati Singhania, CMD, highlighted the company's highest-ever sales and profits during the fiscal year, with sales reaching ₹15,046 crore. EBIDTA rose by 59% to ₹2,122 crore, while PAT doubled to ₹811 crore. The performance is attributed to a focus on product premiumization, market expansion, and tech-enabled manufacturing. The company's strategic initiatives, including equity infusion, bolstered its financial resilience. Despite challenges like geo-political disruptions and freight hikes impacting exports, JK Tyre aims to enhance export volumes in the coming quarters. Subsidiaries Cavendish Industries Ltd. (CIL) and JK Tornel, Mexico, contributed significantly to overall revenues and profitability. JK Tyre raised ₹500 crore through QIP during FY24 to deleverage its balance sheet.
📅Published on:
22 May 2024
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