JK Tyre & Industries on Thursday reported a 61.8 per cent decline in its consolidated net profit at Rs 10.27 crore for the third quarter ended December 31, 2019. The company had posted a net profit of Rs 26.89 crore for the October-December period of 2018-19.
Total income rose to Rs 2,207.07 crore for the period under review as compared with Rs 2,741.73 crore for the same period of previous fiscal.
"It was indeed a challenging quarter for the automotive industry. Passenger and commercial vehicles have witnessed a drastic cut in production," JK Tyre Chairman and Managing Director Raghupati Singhania said in a statement.
The company has dealt with this difficult situation by focusing on replacement sales and exports, he added.
JK Tyre shares on Thursday ended 7.33 per cent down at Rs 77.75 apiece on the BSE.
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