Apollo Tyres Q2 net profit soars 96%

The company had posted a net profit of Rs 77.77 crore in the corresponding period last year

today reported 95.71% increase in its consolidated net profit for the quarter ended September 30 at Rs 152.20 crore on account of better sales in India and South Africa.

The company had posted a net profit of Rs 77.77 crore in the corresponding period last year, Apollo Tyres said in a statement.

The net income during the second quarter also went up by 17.54% to Rs 3,374.83 crore from Rs 2,871.24 crore in the year-ago period, it added.

"Most of the July-September growth was driven by India, which grew 24% riding on increased sale of truck-bus radials. South Africa, which is witnessing an upward trend in the automotive sales, a positive sign for the company, saw a topline growth of 29%," Apollo Tyres said.

European operations' revenue grew despite the economic concerns and slowing automotive sales across the continent, the company added.

Apollo Tyres Chairman Onkar S Kanwar said: "Despite the challenging circumstances, we have succeeded in maintaining a healthy topline and bottomline. Our revenues received a booster dose, riding on the replacement demand, more so in India and South Africa."

The company's investment decision to set up the Chennai Plant is now paying off as the market seeks more truck and bus radial tyres, he added.

Shares of Apollo Tyres, however, closed down 2.37% at Rs 86.45 apiece on the BSE.

image
Business Standard
177 22
Business Standard

Apollo Tyres Q2 net profit soars 96%

The company had posted a net profit of Rs 77.77 crore in the corresponding period last year

Press Trust of India  |  New Delhi 



today reported 95.71% increase in its consolidated net profit for the quarter ended September 30 at Rs 152.20 crore on account of better sales in India and South Africa.

The company had posted a net profit of Rs 77.77 crore in the corresponding period last year, Apollo Tyres said in a statement.

The net income during the second quarter also went up by 17.54% to Rs 3,374.83 crore from Rs 2,871.24 crore in the year-ago period, it added.

"Most of the July-September growth was driven by India, which grew 24% riding on increased sale of truck-bus radials. South Africa, which is witnessing an upward trend in the automotive sales, a positive sign for the company, saw a topline growth of 29%," Apollo Tyres said.



European operations' revenue grew despite the economic concerns and slowing automotive sales across the continent, the company added.

Apollo Tyres Chairman Onkar S Kanwar said: "Despite the challenging circumstances, we have succeeded in maintaining a healthy topline and bottomline. Our revenues received a booster dose, riding on the replacement demand, more so in India and South Africa."

The company's investment decision to set up the Chennai Plant is now paying off as the market seeks more truck and bus radial tyres, he added.

Shares of Apollo Tyres, however, closed down 2.37% at Rs 86.45 apiece on the BSE.

RECOMMENDED FOR YOU

Apollo Tyres Q2 net profit soars 96%

The company had posted a net profit of Rs 77.77 crore in the corresponding period last year

Apollo Tyres today reported 95.71% increase in its consolidated net profit for the quarter ended September 30 at Rs 152.20 crore on account of better sales in India and South Africa.

today reported 95.71% increase in its consolidated net profit for the quarter ended September 30 at Rs 152.20 crore on account of better sales in India and South Africa.

The company had posted a net profit of Rs 77.77 crore in the corresponding period last year, Apollo Tyres said in a statement.

The net income during the second quarter also went up by 17.54% to Rs 3,374.83 crore from Rs 2,871.24 crore in the year-ago period, it added.

"Most of the July-September growth was driven by India, which grew 24% riding on increased sale of truck-bus radials. South Africa, which is witnessing an upward trend in the automotive sales, a positive sign for the company, saw a topline growth of 29%," Apollo Tyres said.

European operations' revenue grew despite the economic concerns and slowing automotive sales across the continent, the company added.

Apollo Tyres Chairman Onkar S Kanwar said: "Despite the challenging circumstances, we have succeeded in maintaining a healthy topline and bottomline. Our revenues received a booster dose, riding on the replacement demand, more so in India and South Africa."

The company's investment decision to set up the Chennai Plant is now paying off as the market seeks more truck and bus radial tyres, he added.

Shares of Apollo Tyres, however, closed down 2.37% at Rs 86.45 apiece on the BSE.

image
Business Standard
177 22
Widgets Magazine

More News

  • Kova kozhukattai Now, Rajan on your plate
  • Uber says limited licences curb growth in Kolkata
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard