Cavendish Industries Ltd announces Q2 results

Cavendish Industries Ltd. (CL), a subsidiary of JK Tyre & Industries Ltd. has recorded Sales of Rs.667 crores for the Q2. The EBIDTA at Rs.l14 crores reflected in an Operating margin of 17% and PBT of Rs.53 crores.

CIL recorded its highest ever performance on back of higher capacity utilization of 84% with significant increase in Truck/Bus Radial and 2-3 Wheeler tyre sales. The aggressive focus on cost reduction particularly Fixed Costs and overall Operating parameters helped improve its cash flows.

Cavendish Industries Ltd. (CIL), houses 3 Tyre Business Undertakings of Birla Tyres and was acquired by JK Tyre in 2016. The plants are located at Laksar (Haridwar) which manufacture a range of tyres, tubes and flaps. With this acquisition, J K Tyre now has 12 tyre plants - 9 tyre plants in lndia & 3 in Mexico.

CIL is a subsidiary of JK Tyre with majority shareholdings through direct holdings and the balance through its subsidiaries & JK Group companies.

Shares of JK TYRE & INDUSTRIES LTD. was last trading in BSE at Rs.57.9 as compared to the previous close of Rs. 56.25. The total number of shares traded during the day was 62222 in over 876 trades.

The stock hit an intraday high of Rs. 58.15 and intraday low of 56.15. The net turnover during the day was Rs. 3561265.

Source : Equity Bulls

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