Stock Market
JK Tyre stock rallies on robust Q3 results, margins expand sharply
Mumbai/IBNS: Shares of JK Tyre surged over 5 per cent on Monday after the company reported a strong performance for the third quarter, media reports said.
The tyre major posted a 15 per cent year-on-year rise in revenue to Rs 4,223 crore, compared to Rs 3,674 crore in the corresponding quarter last year.
EBITDA jumped sharply by 81 per cent to Rs 571 crore from Rs 315 crore a year ago, while the operating margin improved to 13.5 per cent, up from 8.6 per cent in the previous year.
The company’s India business recorded a 15 per cent increase in revenue, while the Mexico operations also reported a 21 per cent growth.
According to CNBC-TV18, the Mexico business continued its strong momentum, supported by a favourable economic environment.
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