JK Tyre - Q2FY2021 numbers - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

JK Tyre & Industries Ltd. reported a 5.6% YoY growth in Consolidated revenues to ₹2,275 crore for Q2FY21, as compared to revenues of ₹2,155 crore for Q2FY20. EBIDTA for the quarter stood at ₹355 crore up by 19.8% YoY while EBIDTA margins expanded by ~`185bps YoY to 15.6%. Profit before tax excluding exceptional items was up by 104% YoY to ₹ 146.7 crore. Net profit for the quarter was down by 34.4% YoY to ₹109.7 crore. However the Q1FY20 numbers include deferred tax write backs of ₹165.9 crore which makes comparison difficult. Overall the numbers are positive given topline growth and margin expansion. The management has attributed the performance to the economic recovery especially in the automotive sector, which has taken place during the quarter. The Company has also achieved healthy sales in the replacement market, doing better than the industry. The company also achieved higher Export Sales of ₹ 337 crore during the quarter.

Shares of JK TYRE & INDUSTRIES LTD. was last trading in BSE at Rs.60.6 as compared to the previous close of Rs. 58.7. The total number of shares traded during the day was 114944 in over 1118 trades.

The stock hit an intraday high of Rs. 61.8 and intraday low of 58.55. The net turnover during the day was Rs. 6947216.

Source : Equity Bulls

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