Indian tyremaker JK Tyre and Industries Ltd posted a 23% fall in its second-quarter profit on Tuesday, hurt by higher input costs.
Consolidated net profit came in at 513.1 million rupees ($6.22 million) for the quarter ended Sept. 30, compared with 665.6 million rupees a year earlier. Revenue from operations rose 25.8% to 37.57 billion rupees.
Total expenses rose 26.6% to 36.68 billion rupees, with input costs up 20.7%. Oil prices have risen sharply after Russia’s invasion of Ukraine earlier this year, raising the cost of petrochemicals which are used as a key component in tyre manufacturing.
“During the quarter, original equipment manufacturers offtake improved post-easing in semi-conductor supplies, festive season and good traction in economic activities,” Chairman and Managing Director Raghupati Singhania said in a statement.