JKTYRE2024-01-012024-03-31 JKTYRE2024-01-012024-03-31 JKTYRE2024-01-012024-03-31in-bse-fin:OneOperatingExpenses01Member JKTYRE2024-01-012024-03-31in-bse-fin:FourOperatingExpenses01Member JKTYRE2024-03-31 iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 530007 JKTYRE NOTLISTED JK Tyre & Industries Limited Equity 2023-04-01 2024-03-31 2024-05-21 2024-05-14 INR Crores Yearly 13:45:00 16:50:00 2024-05-21 2024-05-21 true Cash Flow Indirect Declaration of unmodified opinion Single segment Tyre 2024-01-01 2024-03-31 Audited Standalone 26160800000.00 129300000.00 26290100000.00 14245700000.00 2587600000.00 -435600000.00 2108100000.00 588200000.00 652500000.00 4326400000.00 24072900000.00 2217200000.00 -173700000.00 2043500000.00 479000000.00 101600000.00 580600000.00 0.00 1462900000.00 0.00 0.00 0.00 0.00 1462900000.00 76800000.00 1539700000.00 1539700000.00 0.00 521400000.00 2 5.34 5.32 0.00 0.00 5.34 5.32 Notes: * The Board has recommended a dividend of Rs. 4.50 per equity share (including interim dividend of Rs. 1.00 per equity share already paid) i.e. 225% for the FY ended 31.3.24. * The Company has only one operating segment namely, 'Tyre'. * Statement of cash flow is attached in Annexure-I. * During the year, the Company has allotted 1,44,92,749 equity shares of face value of Rs. 2 each to eligible QIBs at the issue price of Rs.345 per Equity Share (premium of Rs.343 per Equity Share) aggregating to Rs. 500 crs. Pursuant to the allotment of such Equity shares, the paid-up equity share capital of the Company stands increased from Rs. 49.25 crs. to Rs. 52.14 crs. consisting of 26,07,23,629 Equity Shares. * The CCI on 2.2.22 had released an Order dt 31.8.18 for alleged contravention of provisions of the Competition Act, 2002 against the Company, certain other Tyre manufacturers and Automotive Tyre Manufacturers Association. CCI had imposed a penalty of Rs. 309.95 crs. on the Company. The Company had filed an Appeal before the Hon’ble National Company Law Appellate Tribunal against the said CCI Order. The NCLAT, through an order dt 1.12.22, has disposed of the aforementioned appeal, after taking note of the multiple errors in the said CCI Order dt 31.8.18, and remanded the matter back to the CCI, to re-examine the matter on merits and also to consider reviewing the penalty (if violation is established) in accordance with the provisions of the Competition Act. CCI has since filed an appeal before Hon’ble Supreme Court of India against NCLAT order dt 1.12.22. Based on legal advice, the Company continues to believe that it has a strong case, and accordingly, no provision has been made in the accounts. The Company strongly reiterates that there has been no wrongdoing on the part of the Company and reassures all the stakeholders that the Company has never indulged in or was part of any cartel or undertook any anti-competitive practices. * The Ministry of Environment, Forest and Climate Change vide Notification dt 21.7.22, notified Regulations on Extended Producer Responsibility (EPR) for waste tyre. Under the said Regulations, the Company is required to meet specified waste recycling targets (levy) from the financial year ended 31.3.23 onwards. The obligations are to be fulfilled by purchasing certificates from the recyclers who are registered with the Central Pollution Control Board. The Calculation of the levy is based on the domestic revenue, generated in FY 20-21 (used for computing obligation in FY 22-23) and in FY 21-22 (used for computing obligation in FY 23-24). Consequently, the Company is required to recognize a liability with respect to the levy as at the end of the current financial year. Due to lack of necessary mechanism / infrastructure for the fulfilment of aforesaid obligation in the earlier year, the Company has recognized the provision for the financial year ended 31.3.23, amounting to Rs. 21.62 crs. in the year ended 31.3.24 (which has been disclosed as an exceptional item). The provision taken for FY 23-24 is Rs. 52.60 crs. (which has been disclosed as part of other expenses). * Exceptional items also include favourable foreign exchange fluctuation of Rs. 5.19 crs. & Rs. 5.53 crs. and VRS Rs. 0.94 cr & Rs. 5.16 crs. for the quarter and year ended 31.3.24 respectively. * The figures of current and corresponding quarter are the balancing figures between audited figures in respect of the full FY and the published year to date figures upto the third quarter of the current / corresponding FY. * The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 21.5.24. The auditors of the company have carried out the audit of the same. * Figures for the previous periods have been regrouped / rearranged, wherever necessary. JK Tyre adjudged 'Best in Class' ESG rating from CareEdge for the second consecutive year. 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