JK Tyre shares climb 5% after Q4 earnings

New Delhi: 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 Rs 424.15 on the BSE. During the day, it soared 10.49 per cent to Rs 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 Rs 447.20 apiece.

The company's market valuation climbed Rs 517.54 crore to Rs 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 Rs 172 crore for the fourth quarter ended March 31, 2024, on account of higher sales.

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

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

For the full year ended March 2024, the tyre maker posted a net profit of Rs 811 crore, a three-fold jump against Rs 265 crore in FY23.

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

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