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ICICI Direct Report
JK Tyre and Industries Ltd. reported healthy Q2 FY21 results.
Consolidated revenues rose 5.6% YoY to Rs 2,275 crore (India up 11%, Mexico down 18%; India formed approximately 90% of sales).
Ebitda margins were at a four year high of 15.6% (up 185 basis points YoY), largely on the back of a reduction in fixed costs (employee expenses, other expenses down 76 basis points, 164 basis points YoY, respectively, on percentage of sales basis).
India Ebit margins improved 191 basis points YoY to 12.5% while Mexico margins were up 47 basis points YoY to 5.5%.
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