JK Tyre shares hit a 52-week high after firm reports strong second-quarter results

JK Tyre Share Price: Shares of JK Tyre & Industries started the trading session on Thursday (November 2, 2023) on a high note as it hit a 52-week high of Rs 351.05 on BSE after the company reported strong second-quarter results post market hours on Wednesday.

The stock was trading higher by 8.89 per cent, or Rs 27.40, at Rs 335.50, at 9:33 am on Thursday.

The stock's all-time high on BSE is Rs 692 it hit on December 5, 2014. The 52-week low for the company's stock is Rs 141.65, which was recorded on March 20, 2023.     

JK Tyre Q2 Results

In its September quarter on Wednesday, JK Tyre reported 10-quarter high EBITDA margin. 

While EBIDTA for the September quarter skyrocketed by 98 per cent to Rs. 297 crore YoY, EBIDTA margin in Q2 rose to 7.9 per cent YoY.

The company's profit after tax jumped 409 per cent to Rs. 74 crore Year-on-Year (YoY), while its gross profit soared 40 per cent to Rs 1,115 crore compared to the same quarter last year.

The margin expansion is driven by operational efficiencies, product premiumisation, amd raw material prices (RM Basket declined 4-5 per cent QoQ).

The tyremaker's sales increased 4 per cent to Rs. 3,757 crore compared to the correspnding period last fiscal.

Its domestic volumes also improved by 8 per cent YoY.