JK Tyre slips 3% after Q4 net profit dips 79% – Moneycontrol.com

JK Tyre slips 3% after Q4 net profit dips 79% – Moneycontrol.com

Shares of JK Tyre fell nearly 3 percent intraday on May 17 after the company reported a 78.81 percent decline in consolidated net profit at Rs 33.66 crore for the quarter ended March 2019 due to high raw material costs and expenses.

The company had posted a consolidated net profit of Rs 158.87 crore in the year-ago period.

Consolidated revenue from operations for the quarter under review stood at Rs 2,705.89 crore as against Rs 2,283.97 crore in the same period of 2017-18.

 The company said the cost of raw materials consumed was higher at Rs 1,436.82 crore as compared to Rs 1,420.08 crore. Total expenses were also higher at Rs 2,665.91 crore as compared to Rs 2,146.54 crore.

At 0927 hrs, JK Tyre was quoting Rs 77.15, down 2.53 percent on the BSE

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