Apollo Tyres quarterly net profit at Rs129.2 cr

Apollo Tyres quarterly net profit at Rs129.2 cr

Mumbai: Apollo Tyres on Tuesday said that its consolidated net profit stood at Rs129.2 crore for the quarter ended 30 September, 2009.

The company had reported a net profit of Rs15.1 crore in the same period last fiscal.

Pursuant to the acquisition of Dutch tyre manufacturer Vredestein Banden BV on 15 May, 2009, the prior period figures are not comparable, Apollo Tyres said in a filing to the Bombay Stock Exchange (BSE).

The company reported net sales of Rs2,046.19 crore in the latest quarter, against Rs1,262.1 crore in the same period previous fiscal.

“In the quarter under review, higher raw material costs were absorbed by the company in order to protect consumers’ interest. This was possible only because of our continued emphasis on managing costs and efficiencies internally, which began in the first quarter of the last financial year," Apollo Tyres chairman Onkar S. Kanwar said.

Shares of Apollo Tyres were trading at Rs53.25 on the BSE, up 2.6% from its previous close.