NEW DELHI: JK Tyre and Industries today reported 36 per cent decline in net profit at Rs 44.96 crore for the fourth quarter ended March 31, 2014.

The company had reported consolidated net profit of Rs 70.35 crore in the January-March quarter of 2012-13. The company’s total sales , however, grew to Rs 1,895.62 crore in the fourth quarter ended March 31, 2014 from Rs 1,704.87 crore in the year ago period.

The firm’s net profit for the full fiscal 2013-14 grew by 29 per cent to Rs 263.02 crore from Rs 203.3 crore in the same period a year ago. The net sales jumped to Rs 7,599 crore from Rs 6,948.85 crore during the same period.

“Commercial vehicle production declined and even passenger cars recorded a negative growth, first time ever in the decade. This led to subdued demand for tyres,” JK Tyre & Industries Ltd Chairman & Managing Director Raghupati Singhania said in a statement.

To combat the sluggish market conditions, JK Tyre undertook several strategic actions by renewing its thrust in the replacement market as also adding new OEMs, he added. “Aggressive efforts resulted in export recording a 23 per cent increase during the year,” he said.

The company’s statement said that it has undertaken a major expansion at an outlay of Rs 1,430 crore, to add capacities at Chennai plant. This is slated for completion in phases by early 2016.