JK Tyre Chairman and MD, Raghupati Singhania expects the domestic tyre demand will remain strong due to the automobile industry s growth and a positive economic environment. The company s consolidated net profit surged five-fold to Rs 249 crore in the September quarter, largely due to its strong performance in the domestic market.
New Delhi, Nov 5 (PTI) Demand for tyres in the domestic market is expected to remain robust going ahead as the automobile industry continues to scale new highs amid a positive economic environment, JK Tyre Chairman and Managing Director Raghupati Singhania said.
The company - which currently is utilising 95% of its available capacity of 155.11 lakh tyres per annum- plans to expand capacity by about 20% by October 2025. The expansion is proposed to be funded by way of equity/internal accruals and debt. Raghupati Singhania, Chairman & Managing Director, JK Tyre & Industries told ET, the company is planning fresh investments to increase capacity amid robust demand in the local market.
CEAT Ltd MD & CEO Arnab Banerjee believes that rural demand for two-wheeler tyres in the replacement segment is yet to fully recover. However, he is optimistic that the festive season will boost demand. Banerjee also highlighted the uncertainty over crude-based raw material costs due to rising crude prices, which could impact future growth.
Ceat Tyres: CEAT Ltd MD & CEO Arnab Banerjee believes that rural demand for two-wheeler tyres in the replacement segment is yet to fully recover. However, he is optimistic that the festive season will boost demand. Banerjee also highlighted the uncertainty over crude-based raw material costs due to rising crude prices, which could impact future growth.