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

Reuters
·1-min read

(Reuters) - Indian tyremaker JK Tyre and Industries Ltd 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)