JK Tyre & Industries on Thursday said its consolidated net profit declined 76.6 per cent to Rs 53.92 crore for the third quarter ended December 31, 2021.
The company had reported a consolidated net profit of Rs 230.46 crore in the corresponding period last fiscal, according to BSE filing.
However, its revenue from operations in October-December 2021 rose to Rs 3,076.03 crore as compared with Rs 2,769.28 crore in the year-ago period, JK Tyre said in a statement.
"We are optimistic on the outlook of the tyre industry and believe there will be good demand growth across all market segments given the expected economic activity going forward and the waning effect of the pandemic," JK Tyre Chairman and Managing Director Raghupati Singhania said.
In a separate regulatory filing, the tyre maker said the Competition Commission of India (CCl) has published an order dated August 31, 2018, against the company and some other OEMs (original equipment manufacturers) for alleged contravention of the Competition Act, 2002.
The CCI has imposed a penalty of Rs 309.95 crore on the company, it said.
JK Tyre is reviewing the order in consultation with its legal advisors and will evaluate further legal options, as may be available under applicable laws, the company stated.
It further said: "We strongly reiterate that there has been no wrongdoing on the part of JK Tyre & Industries and want to reassure all the stakeholders that the company has never indulged in or was part of any cartel or undertook any anti-competitive practices.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU