 "Apollo Tyres skids as Q1 earnings lag estimates")
Apollo Tyres has dipped 6% to Rs 177, falling 8.4% from its intra-day high on BSE, after reporting lower-than-expected consolidated net profit of Rs 228 crore for the first quarter ended June 30, 2014 (Q1), due to poor performance of South African business . The company had registered a profit of Rs 166 crore in the same quarter last fiscal.
Net sales of the company during the quarter under review grew by 1.4% to Rs 3,235 crore against Rs 3,190 crore in the corresponding quarter of previous year.
Analysts on an average had expected profit of Rs 238 crore on sales of Rs 3,334 crore for the quarter.
The company’s revenues from the South African business more-than-halved to Rs 160 crore from Rs 391 crore, while profit before interest and tax declined by 91% to Rs 1.75 crore from Rs 18.55 crore.
The stock opened at Rs 185 and touched a high of Rs 190 on BSE, before announcements of Q1 results. A combined 11.61 million shares changed hands on the counter so far against an average sub 5 million shares that were traded daily in past two weeks on BSE and NSE.
Net sales of the company during the quarter under review grew by 1.4% to Rs 3,235 crore against Rs 3,190 crore in the corresponding quarter of previous year.
Analysts on an average had expected profit of Rs 238 crore on sales of Rs 3,334 crore for the quarter.
The company’s revenues from the South African business more-than-halved to Rs 160 crore from Rs 391 crore, while profit before interest and tax declined by 91% to Rs 1.75 crore from Rs 18.55 crore.
The stock opened at Rs 185 and touched a high of Rs 190 on BSE, before announcements of Q1 results. A combined 11.61 million shares changed hands on the counter so far against an average sub 5 million shares that were traded daily in past two weeks on BSE and NSE.
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