Apollo Tyres surges 10%, hits 52-week high on strong Q3 results

The margin performance was helped by recovery in topline earnings, subdued raw material cost, and control over costs, the management said

Shares of Apollo Tyres were locked in the 10 per cent upper circuit band at Rs 250, which was also its fresh 52-week high, on the BSE in the intra-day trade on Thursday after the company's consolidated net profit more-than-doubled to Rs 443.8 crore in December quarter (Q3FY21) on the back of healthy operational performance and other income. The auto tyres & rubber products company had clocked a profit of Rs 173.9 crore in Q3FY20 and had posted a net loss of Rs 246.20 crore in Q2FY21.

Total consolidated operating income rose 17.1 per cent year-on-year (YoY) to Rs 5,154 crore.