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Apollo Tyres gains on good Q3 results

The stock rallied 10% to Rs 149 after the company posted 51% yoy increase in profit at Rs 279 crore in Q3FY16.

Apollo Tyres gains on good Q3 results

Apollo Tyres has rallied 10% to Rs 149 on the BSE in otherwise weak market after the company reported a better-than-expected 51% year on year (y-o-y) increase in consolidated net profit at Rs 279 crore for the third quarter ended December 31, 2015 (Q3FY16) on back of lower raw material and finance cost. The company had posted a consolidated net profit of Rs 184 crore in the same quarter last fiscal. Net sales during the period under review declined 3.6% at Rs 2,929 crore as against Rs 3,037 crore in the corresponding period of the previous fiscal. The raw material cost reduced by ...