Apollo Tyres slips 4% as Co reports net loss of Rs 135 cr for June quarter

Shares of Apollo Tyres fell as much as 4.14 per cent to Rs 111 on the BSE on Thursday after the company reported a consolidated net loss of Rs 135 crore for the first quarter ended June 30, hit by lower sales due to coronavirus pandemic.

The tyre maker had reported a net profit of Rs 142 crore in the April-June last fiscal.

Net sales during the quarter under review declined to Rs 2,828 crore, from Rs 4,272 crore in the year-ago period, Apollo Tyres said in a statement. READ MORE

"While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market," the company said. 

"While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India," Apollo Tyres Chairman Onkar S Kanwar said.

At 10:35 AM, the stock was trading nearly 2 per cent lower at Rs 114 on the BSE. In comparison, the benchmark S&P BSE Sensex was ruling 263 points or 0.7 per cent higher at 37,926 levels.