JK Tyre and Industries had posted a net profit of Rs 55 crore during the same period of the previous fiscal.
JK Tyre and Industries is looking to enter two- and three-wheeler segments in order to further consolidate its position in the tyre segment.
The company, which on Tuesday posted over twofold rise in its consolidated net profit at Rs 118 crore for the first quarter ended June 30, manufactures radial and bias tyres for truck, buses and passenger vehicles.
"We are looking to enter two-wheeler and three-wheeler segments. We are currently test marketing the products. We plan to enter in a bigger way this area," JK Tyre and Industries, President and Director Arun K Bajoria told reporters in a conference call.
The company is in the process of working out further details for the segments, he added.
JK Tyre and Industries had posted a net profit of Rs 55 crore during the same period of the previous fiscal.
Net sales of the company, however, declined to Rs 1,759.91 crore in the first quarter compared with Rs 1,853.92 crore in the same period last year.
"Better product mix led to a increase in profitability. Our share of product mix ratio of radial and bias tyres has increased to 50:50. Earlier it used to be 65% bias tyres and rest radial tyres," Bajoria said.
When asked about the capex for the current fiscal, Bajoria said the company is in the process of investing Rs 1,430 crore at its Chennai plant.
"We have already invested around Rs 500 crore and the rest would be invested by the end of the financial year," he added.
The company is in the process of enhancing its truck and bus radial capacity to 12 lakh units per annum from four lakh units per year at the Chennai plant.
Further, the capacity of passenger vehicle radials would be enhanced to 45 lakh units from the current 25 lakh units after the completion of the expansion process.
Bajoria said the company is now focusing on exports to North American market.
It exports to over 100 markets globally.
On new launches, he said the company has introduced multi-terrain tyres under the 'Ranger' brand.
"These will cater to the fastest growing segment of sports utility vehicles and multi-utility vehicles. We are also going to export these tyres," Bajoria said.
Commenting on the issue of dumping of tyres by Chinese manufacturers, he said, the menace is unabated and urgent steps are required to impose anti-dumping duty to ensure level playing field in the market place.
JK Tyres shares today ended at Rs 122.90 apiece on BSE, up 1.40% from previous close.
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