NEW DELHI – Shares of JK Tyre and Industries lost 2.2 per cent in early trade Friday as the firm said its consolidated net profit declined 76.6 per cent to Rs 53.92 crore for the third quarter ended December 31.
The company had reported a consolidated net profit of Rs 230.46 crore in the corresponding period last fiscal.
The counter slid to a low of Rs 130.25 against Rs 133.20 at the previous close on the National Stock Exchange.
The company’s revenue from operations in October-December 2021, however, 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 was quoted as saying in a PTI report.
In a separate regulatory filing, the tyre maker said the Competition Commission of India (CCl) 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, PTI reported.
The CCI has imposed a penalty of Rs 309.95 crore on the company, JK Tyre 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, according to the PTI report.
"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,” the company was quoted as saying in PTI’s report.
The company had reported a consolidated net profit of Rs 230.46 crore in the corresponding period last fiscal.
The counter slid to a low of Rs 130.25 against Rs 133.20 at the previous close on the National Stock Exchange.
The company’s revenue from operations in October-December 2021, however, 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 was quoted as saying in a PTI report.
In a separate regulatory filing, the tyre maker said the Competition Commission of India (CCl) 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, PTI reported.
The CCI has imposed a penalty of Rs 309.95 crore on the company, JK Tyre 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, according to the PTI report.
"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,” the company was quoted as saying in PTI’s report.
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