Apollo Tyres net profit at Rs 129.2 cr

Apollo Tyres today said its consolidated net profit stood at Rs 129.2 crore for the quarter ended September 30.

The company had reported a net profit of Rs 15.1 crore in the same period last fiscal.

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

The company reported net sales of Rs 2,046.19 crore in the latest quarter, against Rs 1,262.1 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 Rs 53.25 on the BSE, up 2.60 per cent from its previous close.