Despite the increase in earnings, JK Tyre’s profit fell, stock weakened

In the same quarter of 2018-19 compared to the fourth quarter of the fiscal year 2017-18, there has been an increase in income of JK Tyre.

But during this time the tire maker’s profits were recorded in a huge decline. Net income of JK Tire increased by 18.47% to Rs. 2,705.89 crores against Rs. 2,283.97 crores, while profits declined by 78.86% to Rs. 33.58 crores as compared to Rs. 158.87 crores.

JK Tire quarter on a year-on-year basis declined by 38.83% to Rs 271.10 crore as compared to Rs 442.46 crore in the year-ago period.

The major broking firm ICICI Securities has described the results of JK Tire as soft. According to the broking firm, its income was more than estimated (2,647 crore rupees), while in the case of profit, the company missed the estimate (Rs 49.4 crore).

On the other hand, JK Tire’s share in the BSE fell to Rs 75.85 from the previous closing level of Rs 79.15 and opened at a low of Rs 75.00 in the business till now at 76.85 rupees. Trading is going on at Rs 77.25 with a weakness of 1.90 rupees or 2.40% in JK Tire shares around 10:30 pm.

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