Jk Tyre’s net profit takes a hit.
JK Tyre’s consolidated net profit for the September quarter Impacted by a voluntary retirement scheme (VRS) burden of Rs 37.6 crore and forex loss of Rs 23.5 crore. The company’s net profit declined to Rs 101.4 crore. Revenue, however, grew over 5% to Rs 2,070 crore mainly due to an inclusion of the sales from the Birla Tyres, a firm it acquired recently.
The company had offered VRS to 1,000 staff employed across three units of Birla Tyres.