Apollo Tyres Q1 profit surges nearly 3-fold to ₹252 crore
Apollo Tyres’s net sales stood at ₹4,249.39 crore during the April-June period as compared with ₹3,512.98 crore in the same period of 2017-18
New Delhi: Apollo Tyres on Wednesday posted nearly three-fold rise in consolidated net profit at ₹251.84 crore for the June quarter, driven by robust sales across various markets including India and Europe.
The company had reported a net profit of ₹88.3 crore during the same period of 2017-18.
Net sales stood at ₹4,249.39 crore during the April-June period as compared with ₹3,512.98 crore in the same period of 2017-18, Apollo Tyres said in a statement.
“All our operations have done well in the past quarter, and have reported a good set of numbers. This is a result of planning and investments in capacities, both in India and Europe, in addition to the increasing demand for our products with the OEMs, as well as, in the replacement market,” Apollo Tyres Chairman Onkar S Kanwar said.
Going forward, the company’s growth momentum will continue despite the challenges posed by the raw material cost push, transporters strike and the new loading norms for commercial vehicles in India, he added.
The company said its domestic business grew 32% to ₹3,021 crore during the quarter while the European operations’ revenue grew 22% to close at₹1,242 crore. Shares of the company today ended 1.3% down at ₹289 on BSE
- Wipro spins out govt business as separate segment
- Vibrant Gujarat meet: Ambani, Adani, Birla, others line up big investments
- Wipro announces 1:3 bonus; Q3 net profit rises 30%
- RIL to invest Rs 3 lakh crore in Gujarat in next 10 years : Mukesh Ambani
- Carlos Ghosn received $9 million improperly from Nissan-Mitsubishi JV
Editor's Picks »
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies