Shares of JK TyreBSE -5.04 % & Industries, one of India’s leading tyre manufacturers, slumped over 3 per cent in morning trade on Wednesday, a day after the company reported a consolidated net profit of Rs 100.26 crore for the quarter ended June 30, 2016.
It had posted a net profit of Rs 117.07 crore for the same period last financial year.”Consolidated financial results published, as opted by the company, include working of Cavendish Industries, which it acquired on April 13, 2016 and which restarted operations in mid-May, 2016. Therefore, results for the quarter are not comparable with the previous period,” the company said in a regulatory filing to the Bombay Stock Exchange (BSE).