Apollo Tyres Q2 net profit down 7% at Rs260 crore
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New Delhi: Apollo Tyres Ltd on Wednesday reported a decline of 7.15% in consolidated net profit at Rs260.03 crore for the quarter ended September.
The company had posted a net profit of Rs280.07 crore in the corresponding period a year ago, Apollo Tyres said in a BSE filing.
Its total income from operations was up 1.28% to Rs3,312.27 crore during the quarter under review as against Rs3,270.39 crore in the same quarter last fiscal. Its total expenses were up 3.04% to Rs2,979.69 crore as against Rs2,891.55 crore.
In the first half of 2016-17, Apollo Tyres’ consolidated net profit was up 1.80% to Rs574.73 crore as against Rs564.56 crore in the year-ago period. Its net sales in the first half of the current fiscal were up 7.79% at Rs6,876.81 crore as against Rs6,379.41 crore in the same period last year.
Meanwhile, in a separate filing, Apollo Tyres informed that its board in a meeting held on Wednesday considered and approved execution of memorandum of understanding with the government of Andhra Pradesh for land acquisition towards company’s future needs.