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Will reduce debt by Rs 1800 crore over next 2 years: JK Tyre

Updated : October 22, 2020 12:57 PM IST

JK Tyre reported a good set of earnings for the September quarter, with both revenues and margins improving. There was a good recovery in the domestic business and the Mexico operations turned the corner.

“Demand in passenger car radials rose on festive season and personal mobility,” said AK Bajoria, President and Director of JK Tyre and Industries in an interview to CNBC-TV18.

Indiscriminate imports have been halted in truck and bus tyres, he added.

“The growth has been 12 percent domestically, replacement business has grown by 22 percent, truck and bus replacement market has grown for JK Tyres at 27 percent and the farm business has grown by 57 percent in Q2,” he added.

Bajoria said the company will reduce debt by Rs 1,800 crore over the next 2 years.

“We had a major thrust on the working capital reduction and I am happy to report that almost Rs 500 crore was reduced particularly during Q2 after we re-opened our plant from mid-May,” he added.

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