However, as is evident now, we were caught unawares. Mutated strain of the virus took India in its stride as we were yet to work out a robust vaccination strategy. To curb the spread and manage the health emergency getting out of control in view of paucity of beds, oxygen and ventilators, a large number of states-imposed lockdowns and other restrictions which continue till date. 

As is normal under such circumstances, the economy bears the brunt and that is what seems to have happened. The fragile economic recovery seen in the second half of FY21 seems to have gone derailed. Consumer confidence has hit a new low as shown in a recent survey. Different rating agencies and multilateral organizations have downwardly revised the growth projections for the current fiscal year. From a bullish 11-13% growth (in view of base effect), the projections are now for growths in single digits only.

Needless to say, the pitch for economic revival is queered.  But, curiously, as Covid infections come off from the peak levels and the recovery rates go up, a new kind of confidence is building up. The infection rates are coming down with as much alacrity as they had peaked.

Certainly, there is no room for any complacency as premonitions of a third wave have already been made. However, the vaccination strategy to inoculate a large number of Indians by the end of the year holds much hope. It has been observed that those countries that have already inoculated over 50% of their population have witnessed much less morbidity and mortality rates.

What also holds out hope are a range of high frequency indicators which show the resilience of the Indian economy and the entrepreneurship that shines through whenever an opportunity is provided. The economic growth in the fourth quarter of last fiscal has been better than expected. From a contraction of 24.4% and 7.4% in the first and second quarters, the economy turned around in the third one with 0.5% growth and ended the year with 1.6% growth in Q4.

There are a range of other indicators too. Industrial performance measured by IIP grew by 22.3 percent in March. Merchandise exports grew by 197 percent in April. The output of eight core infrastructure sectors grew by robust 7% in March. Manufacturing PMI has remained at a high of over 55 in March and April. GST revenue collection set a new record of Rs. 1.4 lakh crore in April.

If the tyre  production data for FY21, as released recently, is anything to go by, Tyre Industry will continue to put the wheels of economy in motion against all odds. No doubt, Tyre Industry's overall numbers are down in FY21. However when looked closely, there is ample evidence that points to the resilience  in the sector. Truck & Bus (T&B) tyre production, the bellwether of economy has turned in better performance in FY21 over FY20. And this despite the fact that April’20 was a washout in view of nationwide lockdown. Both T&B and Passenger Car tyre production touched significantly higher figures in March this year with T&B tyre production crossing 20 lakh numbers, a historic high.

FY21 will also go down as a landmark year when Radial Truck & Bus tyre production equalled that of Bias tyre production. Tyre exports from India have charted an upward trajectory in the second half of previous fiscal as the stability was achieved in the exports markets.

Forecast of a normal monsoon (third in a row) and the upcoming festive season can provide much-needed impetus to the economy if vaccination drive accelerates and Covid appropriate measures are followed strictly.

No doubt, the situation is still in a flux, and it is too nascent to gauge the true impact of the second wave on economic growth.  But ramping up the vaccination drive and inoculating the entire adult population as early as possible will help.

And there is a major shift again in the vaccination policy. As this column gets on the editor’s desk, the federal government has decided to provide free coronavirus vaccines to states for inoculation of all above the age of 18.

FY 21 could not live up to the expectations that most Indians had. Hope the next year will. (TT)

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The UK Towing Safety Alliance (UKTSA) has published a comprehensive four-year analysis of incident data from National Highways’ Strategic Road Network, covering 2022 to 2025. The findings reveal a 23 percent rise in total towing-related incidents, driven primarily by a maintenance crisis affecting utility and commercial trailers. While traffic collisions involving towed vehicles decreased by 17 percent, mechanical breakdowns now constitute 77 percent of all towing-related incidents, highlighting vehicle and trailer condition as the sector's foremost challenge.

The data coincides with SMMT Motorparc 2025 figures showing Britain's vehicle fleet at its oldest recorded level, with average car age reaching 9.7 years. The summer harvest season has also arrived, bringing agricultural trailers back to roads after months of disuse. NFU Mutual research indicates collisions involving agricultural vehicles are 56 percent more likely between May and September, reinforcing the need for pre-journey roadworthiness checks.

Utility and agricultural trailers now account for nearly half of all towing-related callouts, surpassing 3,000 incidents in 2025. Regionally, the North West has overtaken the South East as the most incident-prone area, with trailer failures surging 60 percent since 2022, while the North East recorded a 55 percent increase. A growing divide exists between leisure and commercial towing sectors.

Leisure sector improvements, including fewer horsebox incidents and regional caravan reductions, suggest awareness campaigns are yielding positive results. However, utility trailer failures continue climbing, indicating maintenance standards across commercial and domestic sectors require greater attention. Regular servicing, correct loading and proper coupling remain essential to prevent avoidable incidents.

For working trailers, summer represents peak operational period, with agricultural and utility trailers seeing intensive use while rural roads become busier with tourists and cyclists. The Alliance emphasises that trailers stored for extended periods require thorough inspections before returning to service.

The UKTSA urges all towers to perform three essential checks covering tyres, load and connection before every journey. Tyres must be inspected for pressure, tread and deterioration; loads correctly distributed and couplings and electrical connections verified. The Alliance will place ‘The Working Trailer’ at the centre of safety campaigns, collaborating with industry partners to boost maintenance awareness and reduce preventable breakdowns across the Strategic Road Network.

A spokesperson for the UK Towing Safety Alliance said, “It’s encouraging to see fewer collisions involving towing vehicles, which suggests that drivers are becoming more aware of safe towing practices. However, that progress is being undermined by a growing number of preventable mechanical failures. The challenge is no longer simply about how people tow – it’s increasingly about what they’re towing and the condition it’s in. As both tow vehicles and trailers get older, regular maintenance has never been more important.”

Stuart Lovatt, Chair of TyreSafe, said, “Harvest season places extra demands on both vehicles and trailers, particularly those that may only be used for a few months each year. One of the most common issues we see is tyres that appear to have plenty of tread but have deteriorated through age, weathering or prolonged storage. Whether you’re towing a livestock trailer, plant trailer, horsebox or caravan, tyres should always be inspected for correct pressure, damage, cracking and signs of ageing before every journey. A few minutes spent carrying out these checks can prevent breakdowns and significantly improve safety for everyone using our roads.”

Sarah Smithurst MBE, COO, National Trailer & Towing Association (NTTA), said, “Across the NTTA network, we’re seeing a noticeable increase in enquiries from people looking to refurbish older trailers or source second-hand trailers, including imported models, as a more affordable alternative to buying new. While extending the life of a trailer is often entirely appropriate, it’s essential that owners understand that trailers are not maintenance-free. Many have been in service for years, sometimes decades, and components naturally deteriorate over time, even if the trailer has seen relatively little use. Every trailer should be thoroughly inspected before it returns to the road, with particular attention paid to tyres, brakes, bearings, couplings and lighting. Investing in regular servicing and maintenance is far less costly than experiencing a breakdown – or worse, being involved in an incident. The NTTA continues to help and advice new and old trailer users about safety and many are asking for help when towing, especially the reversing aspect of a trailer, now the B&E test was withdrawn. We are also seeing more trailers being repatriated from North America and Europe rather than purchasing new in the UK.”

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JK Tyre & Industries has increased product prices and signalled further hikes as it seeks to offset rising raw material costs, even as demand remains resilient across segments.

The company said raw material prices rose about 20 percent quarter on quarter, with a further 8–10 percent increase expected in the following quarter. The increase has put pressure on margins, given that about 70 percent of tyre industry inputs are petro-based.

In response, JK Tyre raised product prices by 10–11 percent until August and plans an additional increase of 5–6 percent in the coming months to mitigate cost pressures.

The pricing action comes despite steady demand conditions. The company reported a 25 percent year-on-year increase in domestic volumes in the June quarter, supported by growth across both replacement and original equipment manufacturer segments.

Management indicated that demand remained stable across commercial vehicles, passenger vehicles and two- and three-wheelers, with no significant production cuts from OEM customers.

The company also said it continues to focus on premiumisation, with higher-margin products such as 16-inch and above passenger car tyres increasing their share in the sales mix.

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Yokohama Rubber reported record earnings for the first half of fiscal 2026, with profits more than doubling and margins reaching a historic high.

The Japanese tyre maker said sales revenue rose 10.4 percent year on year to ¥639.4 billion in the six months to June, while business profit increased 54.3 percent to ¥95.8 billion. Operating profit doubled to ¥109.7 billion, and profit attributable to owners of the parent rose 104.2 percent to ¥72.6 billion.

Business profit margin improved to 15.0 percent, compared with 10.7 percent a year earlier, marking a record level for the company.

Yokohama Rubber said the results reflected strong performance across its businesses, delivering record first-half highs in all key earnings categories.

Segment data showed that tyre sales revenue rose 10.8 percent year on year to ¥580.4 billion, accounting for 90.8 percent of total revenue, while the MB (Multiple Businesses) segment recorded revenue of ¥54.9, up 6.9 percent and contributing 8.6 percent of the total. Other businesses declined 3.6 percent to ¥4.2 billion.

Business profit growth was led by the tyre segment, where profit increased 57.3 percent to ¥89 billion. The MB segment posted profit of ¥6.3 billion, up 22.5 percent, while other businesses reported profit of ¥0.5 billion.

The company said tyre segment growth was supported by higher sales of high-value-added and high-inch tyres, as well as increased volumes in the off-highway tyre business. Replacement tyre demand strengthened across regions, with strong sales in Europe and continued expansion in North America.

Operating profit was also supported by a ¥35.3 billion gain on the sale of assets at a former off-highway tyre plant in Israel, partly offset by a one-off expense of ¥15.0 billion related to the closure of a US tyre plant in Salem, Virginia.

The company also revised upwards its full-year forecast for fiscal 2026. It now expects sales revenue of ¥1,320 billion, business profit of ¥192.5 billion, operating profit of ¥199.5 billion and profit attributable to owners of the parent of ¥117 billion.

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JK Tyre & Industries reported broadly steady revenue for the first quarter of the financial year, with profitability constrained by higher input costs.

The company posted consolidated revenue of INR 39.56 billion for the quarter ended 30^th June, 2026, while earnings before interest, tax, depreciation and amortisation (EBITDA) stood at INR 2.68 billion, implying a margin of 6.8 percent. Profit before tax was INR 0.54 billion and profit after tax came in at INR 0.43 billion.

According to the company’s financial statement, revenue from operations was INR 39.46 billion, compared with INR 38.69 billion in the corresponding period a year earlier.

Operating profit declined to INR 2.68 billion from INR 4.24 billionn a year earlier, reflecting pressure on margins.

Dr Raghupati Singhania, Chairman and Managing Director, said: “JK Tyre continued its steady performance in Q1FY27 with a consolidated turnover of INR 3.56 billion, supported by strong demand momentum across segments. The performance is driven by sharp focus on customer centricity, product excellence and disciplined execution across markets. During the quarter domestic volumes grew by 25 percent on year-on-year basis, across both replacement (12%) and OE markets (42%), with increasing contribution from higher-value added products. The continuing west Asis crisis led to a sharp increase in raw material prices which impacted our gross and operating margins. As is known approximately 70 percent of the tyre industry raw materials are petro based, hence, it is highly vulnerable to oil price movement”.

He added: “With a sharper focus on operating leverage, cost reductions, and increasing share of premium products, JK Tyre remains confident to improve performance in FY27 with double-digit revenue growth, aiming to create enduring value for all stakeholders with an increased profitability through strategic expansions”.

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