Consolidated net profit was 1.54 billion rupees ($18.6 million) for the quarter ended June 30, compared with 372 million rupees a year earlier.

Revenue from operations rose 2% to 37.18 billion rupees, while total expenses fell about 2%.

For further earnings highlights, click

KEY CONTEXT

Price of rubber, a key raw material for tyre-makers, fell about 20-25% over the last year through May, per HDFC Securities. Meanwhile, the sales of vehicles in India rose more than 11% in April-June, spurring the demand for tyres.

JK Tyre's earnings were in line with larger competitors MRF and CEAT.

The JK group company's profit slid in the first half of last fiscal year before reversing declines in the second.

PEER COMPARISON

Valuation (next Estimates (next 12 Analysts' sentiment

12 months) months)

RIC PE EV/EBITDA Revenue Profit Mean # of Stock to Div

growth growth rating* analysts price yield

target** (%)

JK Tyre & Industries 11.49 6.53 9.33 43.92 Sell 2 1.50 0.75

Ltd

Apollo Tyres Ltd 16.19 7.81 8.01 36.02 Buy 28 1.06 0.93

CEAT Ltd 18.52 7.74 7.16 78.94 Hold 16 1.12 0.49

MRF Ltd 25.53 12.45 9.33 55.74 Sell 8 1.25 0.16

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

APRIL-JUNE STOCK PERFORMANCE

-- All data from Refinitiv

-- $1 = 82.7710 Indian rupees

(Reporting by Hritam Mukherjee in Bengaluru)