JK Tyre - Strong Delivery Continues, Bullishness Reloaded: ICICI Direct

JK Tyres kept one over another at a tyre shop. (Source: BloombergQuint) 

JK Tyre - Strong Delivery Continues, Bullishness Reloaded: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

JK Tyre and Industries Ltd. reported healthy Q4 FY21 results.

Consolidated revenue rose 63.1% YoY to Rs 2,927 crore (India up 61%, Mexico up 104%; India formed ~90% of sales).

Ebitda margin fell to 15.5% (down 260 basis points QoQ) on the back of gross margin deterioration of 370 bps even as the company experienced sizeable operating leverage benefits.

India Ebit margins fell 220 bps QoQ to 13.1% while Mexico margins were down 60 bps YoY to 7.9%.

Consolidated profit after tax was at Rs 189 crore versus loss after tax of Rs 47 crore in base quarter.

The company declared a dividend of Rs 2/ share for FY21.

Click on the attachment to read the full report:

ICICI Direct JK Tyres Company Update.pdf

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