JK Tyre's subsidiary Cavendish Industries Ltd records 16 % growth in Sales and highest ever Profit for FY21

Cavendish Industries Ltd. (Cavendish), a subsidiary of JK Tyre & Industries Ltd. has reported a record performance for Q4 and the year 2020-21:

- Sales at Rs.2571 crores up by 16%
- EBITDA at Rs.398 crores jumps by 54%

Dr Raghupati Singhania, Chairman, stated "we have achieved all time high capacity utilization and the best ever operating efficiencies on several parameters in second half of the year following the business disruption in first half due to Covid-19 pandemic. Increased volumes in all categories, Operational excellence apart from tighter control on costs led to best ever profitability".

He further mentioned, "the recent surge in Covid-19 is a cause of worry. Our first priority is safety of the people and the Company is leaving no stone unturned to ensure this".

He further mentioned that, "the Company expects to maintain the tempo of growth despite current pressures on costs due to commodity price rising significantly in the last 3 months".

Shares of JK TYRE & INDUSTRIES LTD. was last trading in BSE at Rs.116.95 as compared to the previous close of Rs. 119.7. The total number of shares traded during the day was 128193 in over 2615 trades.

The stock hit an intraday high of Rs. 124.7 and intraday low of 114.5. The net turnover during the day was Rs. 15507077.

Source : Equity Bulls

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