New Delhi, July 30, 2021: Cavendish Industries Ltd. (Cavendish), a subsidiary of JK Tyre & Industries Ltd., announced its unaudited results for the first quarter of FY2021-22.
i) Net Revenues was recorded at Rs.687 crore in Q1FY22 as compared to Rs.324 crore in Q1FY21, an increase of 112% on y-o-y basis.
ii) EBITDA stood at Rs.57 crore in Q1FY22 as compared to Rs.14 crore in Q1FY21, more than 3x increase over the corresponding quarter.
Dr. Raghupati Singhania, Chairman, said “we have put together our efforts to achieve decent revenues and profitability in this challenging market scenario posed by the 2nd wave of Covid and rising input costs, but for which both revenues and operating margins would have been higher. Nonetheless, we are taking judicious price increase across various product categories to off-set the rising input costs. All the 3 plants continue to operate at high capacity utilisation.
Our continued priority is to focus on growing replacement markets, as we see improved market conditions with higher inoculation levels and sharp recovery in economic activities in the country. We are optimistic on the industry and expect a healthy growth in the coming years”.
He further mentioned, “we remain committed to ensure well-being and safety of our employees, associates and society. In this direction, we have launched a relief initiative “JK Cares” programme, to support the family of employees, who lost their lives during the pandemic ”.