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K. R. Srivats

New Delhi , Oct. 21

J.K. Industries (JKI), manufacturer of JK Tyre, has registered an export turnover of about Rs 400 crore for the year ended September 30, 2004.

This represents a 23.08 per cent increase from an export turnover of Rs 325 crore recorded during the same period in the previous year.

"Our export performance continues to be strong both in volume and value terms," Mr Raghupati Singhania, Vice-Chairman and Managing Director, JKI, told Business Line here. For the six months ended September 30, the company had recorded an export turnover of Rs 192 crore, as against Rs 164 crore in the year-ago period.

Asked whether the company would go in for a price hike in its products for the domestic market in the near future, Mr Singhania said that the price increase is a function of market dynamics.

"Given a chance, I would have increased the prices yesterday. The increase in prices of oil-based raw materials has been impacting margins.

The extent of price increase at any point from our side would depend on how much the market can absorb and what the competition does," he said.

When asked to comment on the possibility of hardening of interest rates in the forthcoming mid-term review of the Credit policy of the RBI and the impact it could have on JKI, Mr Singhania held that there is no case for an increase in interest rates at this juncture.

"I hope the interest rates do not go up on account of the RBI actions in the forthcoming Credit policy. If the interest rates are hiked, then it would be a knee-jerk reaction and impact corporates," he said.

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