JK Tyre & Industries (JKT) has reported a strong operating performance in 4QFY18 with its EBITDA growing by 65% YoY and 55% QoQ to Rs3.3bn. EBITDA margin expanded by 512bps YoY and 439bps QoQ to 14.4% primarily supported by lower input cost and healthy traction in 4W and 2W segments. While staff cost remained under control owing to manpower rationalisation measures in domestic and overseas operations, other expenses rose by 19% YoY, which impacted margin growth to certain extent. While revenue stood at Rs22.8bn (up 6% YoY and 8% QoQ), adj net profit zoomed to Rs1.5bn vs. Rs475mn and Rs154mn in 4QFY17 and 3QFY18, respectively. Higher non operating income (up 142% YoY and 830% QoQ) boosted net profit....