Apollo Tyres Q3 profit up 6% at Rs 296 cr

Apollo Tyres today posted 6 per cent increase in consolidated net profit to Rs 296 crore for the December quarter, riding on robust sales across domestic and overseas markets.
The company, had reported net profit of Rs 279 crore for the same period of last fiscal.
Its board, which met today, has recommended a proposal to raise up to Rs 1,500 crore via issue of securities.
Net sales of the company rose 17 per cent to Rs 3,435 crore for the October-December quarter of 2016-17, as against Rs 2,938 crore in the same period of 2015-16, Apollo Tyres said in a statement.

"We have been able to deliver positive numbers in spite of various external factors in the last few months. While, uncertainty around GST in India, adversely impacted the commercial vehicle segment, the passenger vehicle segment witnessed a good growth," Apollo Tyres Ltd Chairman Onkar S Kanwar said.
European operations grew both in revenue and volume terms, and that too, faster than the industry, he added.
"Having said that, the increasing rubber and other raw material prices in the last few months would be a challenge for us, and the industry, going forward," Kanwar said.
Apollo Tyres stock closed 3.15 per cent up at Rs 186.40 on BSE.