Profit before tax surged 278.4% to Rs 167.85 crore in Q4 FY23 as compared with Rs 44.36 crore in corresponding quarter last year.

On full year basis, the company's consolidated net profit jumped 32.2% to Rs 262.48 crore on 22.2% rise in revenue from operations to Rs 14,644.94 crore in FY23 over FY22.

EBITDA stood at Rs 1,334 crore in FY23.

Dr. Raghupati Singhania, chairman and managing director (CMD), said, “JK Tyre has achieved highest ever revenues of Rs 14,681 crore during FY2023, registering a growth of 22%. This is on account of growth in domestic demand witnessed in key segments, namely commercial and passenger vehicle tyres. Exports have also performed well, despite global headwinds.

Operating margins improved sequentially in the 4th quarter of the financial year 2023, aided by softening in input costs. We remain optimistic on tyre industry growth path in coming year, buoyed by uptick in economic activities and the big push in infrastructure growth.

Ultra high performance tyre - 'levitas Ultra' range is one of such recent launches, to bolster our product positioning and focus on premiumisation in marketspace.

IFC, a member of the world Bank Group, has invested Rs 240 crore ($30 million) in the company by way of CCDS, which reflects its confidence in the future of the company and the tyre Industry at large.”

The board has recommended dividend of Rs 2 per equity share for FY23

JK Tyre & Industries is currently the market leader in truck bus radial segment. The company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, off-the-road and two & three-wheelers.

The scrip tumbled 5.29% to Rs 188.70 on the BSE.