INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Apollo Tyres today posted nearly three-fold rise in consolidated net profit at Rs 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 Rs 88.3 crore during the same period of 2017-18
Net sales stood at Rs 4,249.39 crore during the April-June period as compared with Rs 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 per cent to Rs 3,021 crore during the quarter while the European operations' revenue grew 22
per cent to close at Rs 1,242 crore
Shares of the company today ended 1.3 per cent down at Rs 289 on BSE.
