Apollo Tyres shares skid over 7% after earnings

Shares of Apollo Tyres today slumped over 7 per cent on profit-booking even as the company reported 37.36 per cent jump in consolidated net profit for the quarter ended June 30.
Apollo Tyres' stock ended 7.15 per cent lower at Rs 171.95 on the BSE. During the day, it plunged 7.88 per cent to Rs 170.60.
At the NSE, the scrip was down 7.56 per cent to end at Rs 171.15.
The company's market value fell by Rs 760.29 crore to Rs 8,666.71 crore.
Apollo Tyres today reported 37.36 per cent jump in consolidated net profit at Rs 227.94 crore for the quarter ended June 30 on the back of higher other income.

It had reported a net profit of Rs 165.94 crore in the corresponding quarter of the previous financial year, Apollo Tyres said in a filing to the BSE.

Consolidated total income in the quarter under review went up marginally by 1.80 per cent to Rs 3,247.55 crore from Rs 3,189.93 crore a year earlier, it added.
In the first quarter of 2014-15, other income stood at Rs 28.97 crore as compared to Rs 11.01 crore in the corresponding quarter last year.
Overall expenses in the quarter stood at Rs 2,919.2 crore as against Rs 2,895.01 crore in the corresponding period a year ago.

Meanwhile, Apollo Tyres Ltd will invest euro 500 million (about 4,100 crore) on its proposed greenfield facility in Eastern Europe.