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JK Tyre & Industries fiscal Q2 profit climbs 22.7% YOY

JK Tyre & Industries Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 came to 3.81 Indian rupees per share, an increase of 15.5% from 3.30 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 830.4 million rupees, an increase of 22.7% from 676.8 million rupees in the prior-year period.

The normalized profit margin rose to 4.5% from 3.8% in the year-earlier period.

Total revenue grew on an annual basis to 18.59 billion rupees from 17.99 billion rupees, and total operating expenses grew year over year to 16.65 billion rupees from 16.33 billion rupees.

Reported net income grew 16.2% on an annual basis to 764.5 million rupees, or 3.50 rupees per share, from 657.8 million rupees, or 3.20 rupees per share.

As of Nov. 14, US$1 was equivalent to 61.73 Indian rupees.