JK Tyre & Industries is a leading four-wheeler tyre manufacturer in India on January 21 reported a multi-fold jump in consolidated net profit for the quarter ended Dec.31, 2020.

The company has earned Rs 2,304.6 million in the third quarter compared with Rs 102.7 million in the corresponding quarter a year ago on the back of robust sales and favourable foreign exchange fluctuations.

"For the quarter, exceptional items include favourable foreign exchange fluctuation of Rs 401.8 million," the tyre manufacturer said.

Consolidated Sales of the company for the quarter increased by 25.89% to Rs 27,692.8 million compared to Rs  21,998 million in the corresponding quarter of the previous financial year, its best ever sales for any quarter.

EBITDA doubled to Rs.5,070 million and PBT recorded multi-fold increase to Rs.3,430 million, compared with the corresponding quarter.Sales on a standalone basis aggregated Rs.18,510 million with EBITDA of Rs.3,120 million and PBT of Rs.1,960 million.

Total Expenses grew by 13.21% to Rs 24,732.1 million in the quarter ended December 2020 as against Rs 21,845.7 million during the previous quarter ended December 2019.

JK Tyre & Industries EPS has increased to Rs 9.10 in December 2020 from Rs 0.44 in December 2019.

"JK Tyre turned out an excellent performance in Q3-in terms of sales and profitability. This was largely driven by the increased demand for passenger, commercial vehicle as well as farm tyres. Continued focus on improvement in operating effrciencies and reduction in interest costs, contributed to improved profitability," JK Tyre & Industries Chairman and Managing Director Raghupati Singhania said.

Shares of the company gained Rs 20.45, or 17.69%, to settle  at  Rs 136.05.  The total volume of shares traded  was  4,860,607 at  the BSE (Friday).