New Delhi: With an aim to enhance its global business share, JK Tyre & Industries Ltd is launching its 'eco range of products' in both domestic and exports markets, according to an investor presentation by the company.
The company, which registered 21 per cent of its consolidated revenue of Rs 2,986.66 crore in the second quarter ended September 30, 2021, from exports, is also enhancing its geographical reach in Europe, Australia and South Africa with a wide product range as part of its growth strategy. "(The) management remains fully committed to implementing its strategy to further expand its market presence and gain market share," the company said in the presentation.
As part of the exercise, JK Tyre said it will strengthen market position across segments through a focus on increasing volumes across all product segments in replacement and export segments. Besides, the company is also expanding distribution channels through exclusive brand shops across pan India to gain market share. In the first half of the fiscal, it had added over 550 dealers across the country.
Currently, JK Tyre has a total of over 6,000 dealers and 500 distributors with tie-ups with 870 fleet operators, three oil marketing companies, apart from 140 sales, service and stocking points under its distribution network in India. To tap the growth in the online segment, it had also tied up with Amazon online and ITC e-Choupal for rural connect, and partnered with auto portals Car Dekho and TyrePlex door-step delivery and fitment, JK Tyre said.
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Commenting on its strategy to increase global business share, the company said it is "launching an eco range of products for cars and buses (E-vehicle) fitted with ultra-low rolling resistance tyres in domestic and export market space". Moreover, the company said it is "enhancing geographical reach in Europe, Australia and South Africa with a wide product range".
Currently, the company has 76 distributors in the Middle East and Southeast Asia, 61 distributors in Africa and 60 distributors in North and Latin America, the presentation said. In Mexico, where it has a presence through the acquisition of Tornel in 2008, it has a distribution network of 97 dealers, 144 third-party dealers/distributors and 34 distributors for exports.
The company further said it is focussing on product portfolio premiumisation as one of its strategic priorities and will bring "technologically advanced and eco-friendly tyres in line with market requirements".
(PTI)
