Date:23/03/2005 URL: http://www.thehindubusinessline.com/2005/03/23/stories/2005032301760400.htm

Back JK Industries sees 10% growth in turnover

Our Bureau

Narain Karthikeyan, Formula One racer, with Mr Raghupati Singhania, Vice-Chairman and Managing Director, JK Industries Ltd, at a press conference in the Capital on Tuesday. — Kamal Narang

New Delhi , March 22

JK Industries on Tuesday said it expects a 10 per cent topline growth during the current fiscal, ending September 30.

"The tyre market in the country is growing while the price of the product has been coming down. Based on this, we expect a 10 per cent growth in revenues during the current financial year," the Vice-Chairman and Managing Director of JK Industries Ltd, Mr Raghupati Singhania, told reporters on the sidelines of a function organised to launch JK Corp.'s `Motor Sports Prodigies.'

During 2003-04, JK Industries had reported a turnover of Rs 2,300 crore, clocking a growth of around 10 per cent over the previous fiscal.

Mr Singhania said that the demand for tyres was expected to grow between 6 and 8 per cent this year resulting in higher sales during the year.

"The outlook this year is good despite pressure on natural rubber prices which is expected to remain firm," he said.

While natural rubber was being exported from the country, the tyre industry was also seeing a flood of cheap finished products dumped by China, he said.