Apollo Tyres has slipped more than 5% to Rs 67.20 ahead of its financial results for the first quarter ended June 2011 due today.
According to average estimates of top broking houses, the tyre manufacturer is expected to post a net profit of Rs 87 crore on the back of Rs 2,494 crore net sales in for the recently concluded quarter.
The company is expected to post a 20% volume growth as operations were impacted by strike at Cochin facility. However, the June quarter is likely to be weak for its European operations due to its positioning in the winter tyres. Analysts expect the Ebitda margin to marginally decline by 50 basis points (bps) year-on-year (y-o-y) to 10.4% in Q1FY12.
The stock opened at Rs 70.80 and hit a low of Rs 66.80 on the NSE. A combined 1.22 million shares have changed hands till 1037 hours.
