JK Tyre, on Thursday, reported double net profit at Rs 40.75 crore for the

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first quarter of the financial year as opposed to Rs 20.24 crore in the corresponding period a year ago, for the quarter ended June 30. Net sales for the April-June period increased by 5.73 per cent Rs 897.67 crore against Rs 849.06 crore in the corresponding period a year ago.

“Even though the commercial truck tyres segment is weak, light commercial vehicle tyre segment and off the road (OTR) segment is showing positive demand,” said Raghupati Singhania, vice chairman and managing director of JK Tyre. He credited double net profit figures to efficiency improvement and cost cutting measures.

The tyre-maker has recorded sales of Rs 400 crore in the first six months of operations in Mexico – from its recently wholly acquired Mexican tyre company Tornel. Tornel has a present combined capacity of 6.6 million tyres annual capacity with three manufacturing plants.