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ICICI Direct Report
JK Tyre and Industries Ltd. is a leading tyre manufacturer with annual capacity pegged at 5.75 lakh million tonne.
It serves various automotive segments via India, Mexico plants with dominance in truck/bus radial space domestically.
JK Tyre’s Q1 FY22 results were muted.
Among geographies, decline for the quarter was entirely India-led.
India revenues declined 13.9% QoQ to Rs 2,263 crore while Mexico operations posted sequential increase of 15.8% to Rs 470 crore.
As per management commentary, the company continues to focus on all three channels i.e. original equipment manufacturer, aftermarket and exports and is taking price hikes across product categories.
Capacity utilisation for the quarter was more than 80%.
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