JK Tyre shares climb 5% after reporting 54% rise in Q4 net profit

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Shares of JK Tyre & Industries on Wednesday ended nearly 5 per cent higher after the company's consolidated net profit increased 54 per cent for the fourth quarter ended March 2024.

Shares of JK Tyre & Industries on Wednesday ended nearly 5 per cent higher after the company's consolidated net profit increased 54 per cent for the fourth quarter ended March 2024.

The company's stock climbed 4.91 per cent to settle at ₹424.15 on the BSE. During the day, it soared 10.49 per cent to ₹446.75.

At the NSE, it rallied 4.77 per cent to Rs 423.80. In intra-day trade, it zoomed 10.55 per cent to ₹447.20 apiece.

The company's market valuation climbed ₹517.54 crore to ₹11,058.59 crore.

In traded volume terms, 3.79 lakh shares of the company were traded at the BSE and 59.62 lakh shares at the NSE during the session.

JK Tyre & Industries on Tuesday said its consolidated net profit increased 54 per cent to ₹172 crore for the fourth quarter ended March 31, 2024, on account of higher sales.

The tyre maker had reported a net profit of ₹112 crore in the year-ago period.

The total income rose to ₹3,714 crore for the fourth quarter compared to ₹3,645 crore in the year-ago period, JK Tyre said in a statement.

Also read: JK Tyre Q3 profit trebles to ₹227 croreFor the full year ended March 2024, the tyre maker posted a net profit of ₹811 crore, a three-fold jump against ₹265 crore in FY23.

Its total income rose to ₹15,046 crore for the last fiscal compared to ₹14,681 crore in FY23.

The company said it achieved the highest-ever sales and profits during FY24.

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