Cavendish Industries Ltd. (Cavendish), a subsidiary of JK Tyre & Industries Ltd., has released its unaudited first-quarter FY2021-22 results.
I Net Revenues were Rs.687 crore in Q1FY22, up from Rs.324 crore in Q1FY21, a 112 percent growth on a year-over-year basis.
ii) In Q1FY22, EBITDA was Rs.57 crore, up from Rs.14 crore in Q1FY21, more than a 3x increase over the previous quarter.
Dr. Raghupati Singhania, the Chairman, said “we have put together our efforts to achieve decent revenues and profitability in this challenging market scenario posed by the 2nd wave of Covid and rising input costs, but for which both revenues and operating margins would have been higher. Nonetheless, we are taking judicious price increase across various product categories to offset the rising input costs. All the 3 plants continue to operate at high capacity utilisation.
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Our continued priority is to focus on growing replacement markets, as we see improved market conditions with higher inoculation levels and sharp recovery in economic activities in the country. We are optimistic about the industry and expect healthy growth in the coming years”.
He further mentioned, “We remain committed to ensuring the well-being and safety of our employees, associates and society. In this direction, we have launched a relief initiative “JK Cares” programme, to support the family of employees, who lost their lives during the pandemic.”
About Jk Tyre:
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.
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For the past four decades, JK Tyre has been at the forefront of driving innovation and excellence in the tyre industry through the 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 the Truck Bus Radial segment. 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.
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