JK Tyre Has Recovered In Terms Of Sales And Performance

India's largest tyre manufacturing company- JK Tyre and Industries Ltd. have stated that the India Ratings and Research have optimized and updated its long-term issuer rating to 'IND A/stable' in times of healthy recovery of sales and financial performance according to the data received in December quarter.

The India Ratings and Research upgrade showcases JK Tyre's performance in FY21 which saw strong demand from replacement, original equipment manufacturers (OEMs) and export markets. JK Tyre has focused on operating cost and efficiency and better capital management which has resulted in higher cash flow leading to reduction in debt by more than Rs.1,000 crore, according to a statement released by JK Tyre

JK Tyre has also considered aggressive marketing opportunities and has expanded its dealer network and Shoppes in the present financial year so that they can cater towards the higher demand in rural and suburban areas and increase their performance.

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However, in the past that is during the month of October-December, the Indian Vehicle production surged as OEMs demanded output to restock at dealerships during the festival season and also before it. As a result, tyre makers like JK Tyre, Apollo Tyres, Ceat and others reported a robust increase in net profit in the third quarter.

"nd-Ra expects tyre demand to sustain following a double-digit percentage increase in OEM and replacement demand. Ind-Ra expects that the initiatives taken by Company - OEM thrust, portfolio premiumisation, exports and launch of the 'smart' tyre segment - will enhance revenues, profitability and a sustained reduction in net leverage in FY22," as per the statement.

About JK Tyres:

The flagship company of JK Organisation, JK Tyre & Industries Ltd is one of India’s foremost tyre manufacturers and is also amongst the top 25 manufacturers in the world.

For the past four decades, JK Tyre has been at the forefront in driving innovation and excellence in the tyre industry through introduction of ground-breaking technologies and products that cater to diverse business segments in the automobile industry. Pioneers of radial technology, the Company produced the first radial tyre in 1977 and is currently the market leader in Truck Bus Radial segment.

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In 2019, the Company achieved a remarkable feat by entering the coveted Limca Book of Records with the country's largest off-the-road tyre - VEM 045.The Company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, Off-the-Road and two & three-wheelers.

Also Read:Mulgrew Haulage Vehicles To Equip With Michelin Tyres

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