August 14, 2017 / 11:44 AM / 2 years ago

BRIEF-JK Tyre & Industries says steep increase in raw material prices dented margins‍​

Aug 14 (Reuters) - JK Tyre & Industries Ltd

* Says “steep increase in prices of raw materials without commensurate increase in selling prices dented margins”‍​ Source text: [JK Tyre & Industries Ltd. (JKTIL) today announced Un-audited results for the Quarter ended June 2017. Commenting on the results, Dr. Raghupati Singhania, Chairman & Managing Director said, “we are indeed passing through challenging times. The raw material costs increased by about 30% over the corresponding quarter. Such steep increase in prices of raw materials without commensurate increase in selling prices dented margins. Moreover, unabated imports of cheap Chinese radial tyres impacted both volumes as well as prices of Truck/Bus radials. In addition, Commercial Vehicle manufacturers cut production, to destock inventories and transition to new emission norms. Dealers in the replacement market also, were reluctant to off take tyres before GST introduction. JK Tyre being a market leader in Truck/Bus radial segment in both OEM and replacement segment had to bear the brunt.”] Further company coverage:

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