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The company has planned a two-phased expansion at its existing Banmore facility to cater to the increasing demand for passenger car radial (PCR) tyres with an investment of about Rs 1,000 crore.
The phase one expansion, involved an investment of Rs 312 crore. The expansion will increase the annual production capacity of the plant by 31%, from 39 lakh to 51 lakh units per annum. JK Tyre is now in the second phase of expansion, with an additional investment of Rs 617 crore that will increase the capacity by an additional 31% by April 2024.
Raghupati Singhania, chairman & managing director of JK Tyre & Industries, said, “Our production and manufacturing capabilities are constantly evolving along with our product in order to meet the demands of our customers, both domestically and internationally.”
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.
JK Tyre & Industries reported 169.6% jump in consolidated net profit to Rs 108.38 crore in Q4 FY23 as compared with Rs 40.20 crore in Q4 FY22. Revenue from operations rose 9.7% year on year to Rs 3,632.47 crore in Q4 FY23.
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