Shares of JK Tyre & Industries Limited Friday dropped 5.5 per cent after the company reported a 78.81 per cent decline in consolidated net profit for the quarter ended March 2019. The scrip tumbled 5.24 per cent to hit its one-year low of Rs 75 on the BSE. On the NSE, shares declined 5.54 per cent to Rs 74.90 -- their 52-week low. The company's earnings came in post-market hours Thursday.
JK Tyre & Industries Thursday reported a 78.81 per cent decline in consolidated net profit at Rs 33.66 crore for the quarter ended March 2019 due to high raw material costs and expenses. The company had posted a consolidated net profit of Rs 158.87 crore in the year-ago period, JK Tyre said in a regulatory filing.
Consolidated revenue from operations for the quarter under review stood at Rs 2,705.89 crore as against Rs 2,283.97 crore in the same period of 2017-18. The company said the cost of raw materials consumed was higher at Rs 1,436.82 crore as compared to Rs 1,420.08 crore. Total expenses were also higher at Rs 2,665.91 crore as compared to Rs 2,146.54 crore.
(With inputs from agencies.)