New Delhi, Apr 29 (UNI) Country's leading tyre maker, JK Tyre&Industries Ltd today said its profit before tax for the second quarter ended March 31, increased 77 per cent to Rs 38.32 crores.
It recorded a turnover of Rs 940 crores, an increase of 11 per cent over the corresponding quarter, said a statement.
Company Vice Chairman and Managing Director Raghupati Singhania said, ''JK Tyre continues to maintain its growth momentum with sales and profits achieving newer heights. This pace will get accelerated with the implementation of the expansion projects now well under way.'' For the half year ended March 31, 2008, JK Tyre has achieved turnover of Rs 1,764 crores. Profit Before Tax at Rs 72.52 crores has been more than double compared to the same period last year.
Profit After Tax for the half year aggregating Rs 44.76 crores.
The Company has recently announced acquisition of 100 per cent shareholding in Tornel, Mexico. Strategic location of Mexico offers JK Tyre free access to NAFTA trade block and emerging economies of Central and Southern America.
The combined capacity after this acquisition will be 940 tons per day, making JK Tyre the largest Indian four wheeler tyre company with turnover of over one billion dollars.
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