JK Tyre & Industries has recorded a standalone net profit of Rs 21.14 crore during the third quarter of the financial year 2011-2012.

The company has recorded a net profit of Rs. 21.31 crore in the third quarter of the previous year. The company said that its standalone total income fell 7.35 per cent to Rs. 1,281.49 crore during the third quarter of the financial year from October to December 2012 compared to Rs. 1,383.19 crore recorded in the same quarter of 2011.

JK Tyre & Industries Vice- Chairman and MD Raghupati Singhania said that the third quarter was a difficult quarter of the tyre industry ash lower demand for auto industry affected the demand for tyres in the country.

Firm's President and Director Arun Bajoria has said that the board of the company has approved a proposal to invest Rs. 160 crore for expanding the company's overall domestic tyre production capacity across different segments in the country.

Mr. Singhania said, "The stable raw material prices during the quarter helped in containing costs. Additional radial tyre capacities recently created, both for truck/bus as well as passenger tyres will further cement JK Tyre's radial leadership position."

Shares of the company rose 1.75 per cent at Rs 116.40 on the Bombay Stock Exchange (BSE).