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Microsec Research

9th February 2015

JK Tyre &Industries Ltd –Consolidated Q3 FY2015 Results–First Cut

JK Tyre & Industries Ltd announced its results on 9th February 2015.The company’s Net sales increased by 6.75% on YoY basis but declined by 1.85% on QoQ basis. EBITDA increased by 36.57% on YoY basis. EBITDA Margin of the company increased from 10.79% to 13.80% on YoY basis. PAT increased by 20.09% and 55.53% on QoQ and YoY basis respectively.

Saroj Singh Email ID -ssingh2@microsec.in

Particulars Consensus Est Actual Var (%)

PAT 91 92 0.9%

DESCRIPTION Dec-14 Dec-13 Sep-14 YOY QOQ

 Revenues 1,838 1,722 1,872 6.75% -1.85%

Total Expenditure 1,584 1,536 1,640 3.15% -3.39%

EBITDA 254 186 233 36.57% 9.03%

 EBIDTA Margins 13.80% 10.79% 12.42%

Other Income 5 4 4

Operating Profit 258 189 236

Interest 61 69 65

Exceptional Items -30 7 -14

PBDT 167 128 157

Depreciation 40 43 39

PBT 127 85 118

Tax 36 27 43

Profit After Tax 91 57 76 57.69% 19.91%

PAT  Margins 4.93% 3.34% 4.04%

Minority Interest 0 0 0

Shares of Associates 1 2 1

Consolidated PAT 92 59 76 55.53% 20.09%

PAT  Margins 5.00% 3.43% 4.08%

PAT excl exceptional items 122 52 90 135.94% 35.12%

PAT  Margins excl exceptional items 6.63% 3.00% 4.82%

Equity Capital 41.06 41.06 41.06

Face Value (In Rs) 2.00 2.00 2.00

No of Shares 20.53 20.53 20.53

EPS 4.47 2.88 3.72 55.53% 20.09%

Adj EPS 5.93 2.52 4.39 135.94% 35.12%

JK Tyres & Industries ltd - Quarterly -Y-O-Y(%) - Consolidated - [INR-Crore]

Segment Revenue

Particulars (Cr.) Dec-14 Dec-13 Sep-14 YOY QOQ

India 1523 1443 1532 6% -1%

Mexico 325 291 344 12% -6%

less-inter segment Revenue 10 13 4 -23% 176%

Total Revenue 1838 1722 1872 6.75% -1.85%

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Microsec Research

9th February 2015

According to the management- The Company has significantly improved its performance for Q3. Our emphasis on truck and bus radials continues to help us achieve higher growth and maintain its leadership position in truck/ Bus radials. Continuous efforts to develop new products to cater to the changing customer needs, and widening of sales network have helped deeper market penetration. Recent signs of turnaround in truck and passenger car industry augur well for tyre industry. The initiative taken by the governments to accelerate economic activity with special focus on manufacturing sector are further expected to improve tyre demand. Greater emphasis on infrastructure sector including road and mining sector will give a boost to the economic recovery.

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Microsec Research

9th February 2015

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