‘Demonetisation, GST has impacted industry’

JK Tyre & Industries Ltd’s first region effects were reflective of the troubles confronted by way of the tire enterprise — a hard commercial enterprise environment, compounded with the aid of unexpected trends at the coverage front and continued dumping of reasonably-priced Chinese tires. However, JK Tyre is positive about its company not simplest in India, but also the world over, CMD Raghupati Singhania advised BusinessLine in an interview. Excerpts:

The closing 3 quarters have not been appropriate for JK Tyre. What do you think are the reasons?

The year has been excellent, with each opportunity and challenge on several fronts. Demonetisation, the GST rollout, and a steep upward thrust in raw material prices had some impact on the industry. However, JK Tyre has weathered the turbulence properly. It is true that during this time, the organization experienced revenue growth, revenues were flat, and there was a decline in our bottom line. However, strategic planning and a persistent approach ensured that we maintained our role as a marketplace chief inside the truck/bus radial segment. With the smoothing of GST troubles, the enterprise will register high-quality growth, and we’re positive of an excellent show.

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What’s your cross-to-marketplace method to hold an increase in the modern state of affairs?

To maintain growth inside the truck/bus radial tire section, we released a multi-level product and logo method. While ‘JK Tyre’ persevered to cater to the top-class segment, the ‘Vikrant’ brand became leveraged to fulfill the requirements of the midsection. A new logo, ‘Challenger’, was released inside the price phase of truck/bus tires. With this, we have got a whole range for each purchase phase. Going past sales, these days we provide entire cradle-to-grave solutions for truck/bus radials.

How has JK Tyre managed its international presence after the acquisition of JK Tornel in 2008?

JK Tyre has efficaciously built a global presence — including West Asia, Africa, South-East Asia, nd Australia. While we also supply tires to the American markets, the purchase of Tornel in Mexico in 2008 paved the way for increasing our international footprint in Mexico, Latin America, and the USA. Deeper getting admission to the American markets, making use of NAFTA and different regional trade agreements from Mexico, has enabled the company to achieve a sizeable growth in the vicinity.

How can the authorities provide an impetus to the enterprise?

The authorities have introduced an allocation of nearly ₹4 lakh crore for infrastructure improvement. More specifically, an allocation for the construction and maintenance of national highways was extended to ₹sixty 000 crore. This, coupled with coverage measures to facilitate faster street production, will support the road delivery infrastructure. This, in turn, will beautify the offtake of all varieties of tires. In a brief time, GST is showing symptoms of facilitating the movement of products across the. S A. In a unified marketplace. As the marketplace evolves, there may be possibilities to enhance efficiencies inside the supply chain, thereby reducing the cost of operations. This will generate OEM demand for passenger automobile and two-wheeler tires specifically, in order to enhance the substitute tire marketplace.

You have been a prominent voice in opposition to the dumping of Chinese tires. How bad is the state of affairs?

This is not only approximately imports from China but also different Asian nations with whom India has loose trade agreements (FTAs). This difficulty is more glaring within the Indian tire enterprise, wherein almost eighty according to cent of imports are at concessional duties, eroding a huge part of the market for the home industry that has already undertaken huge-scale additions with large investments of nearly ₹45,000 crore in the beyond few years. To make matters worse, natural rubber, the maximum critical raw material for tires, needs to be imported because of domestic unavailability is included in the bad list with the same FTA companions. Therefore, the finished product enters the Indian marketplace under a concessional duty, while the raw material is not eligible for any concession in cucustomsbligation — a conventional case of inverted responsibility structure. In reality, the tire enterprise is one of the few ultimate ones that can be the problem with inverted obligations, a subversion we had been asking the government to accurate.

What is the ability of your plants right now?

We have 12 manufacturing facilities, nine in India, placed at Jaykaygram (Rajasthan), Banmore (Madhya Pradesh), Chennai, 3 flowers in Mysuru, nd 3 in Laksar (Uttarakhand), and the balance three plants are in Mexico. Our general capacity is 33 million tires in keeping with annum.

As opposition rises in radial and tubeless tires for passenger motors from overseas players, what is going to be your USP?

JK Tyre’s persistence on growing products using modern technology has helped it stay befoaheadhin the aggressive tire marketplace. Our focus on innovation and R&D has helped us reap advanced products of high quality, better manufacturing efficiency, and lower expenses, which translates into better customer satisfaction. Our ‘Blaze’ variety of Wheeler tires is specific — it’s far the best hybrid tire in India that can be used on both less and tubes.

Are you searching GST out more acquisitions Demonetisation industry globally?

We have hooked up marketing hubs within the US, as well as one-of-a-kind elements of the sector, together with the UAE, Thailand, South Africa, Indonesia, and Brazil, aside from exploring different places. We are open to the opportunity for the tire.

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