Apollo net profit up 44% in June-September quarter
During the second quarter of its financial year, the period from 1 June to 30 September, Apollo Tyres reported net sales of Rs 34.3 billion (£338.2 million), a slight increase on the same quarter a year earlier. Operating profit rose 16 per cent in the quarter to Rs 4.4 billion (£43.3 million), while net profit soared 44 per cent to Rs 2.2 billion (£21.7 million). Net sales for the first half of the financial year from 1 April to 30 September came to Rs 66.2 billion (£652.7 million), while operating profit was 14 per cent higher year-on-year at Rs 8.4 billion (£82.8 million). Net profit rose 33 per cent to Rs 3.8 billion (£37.5 million).
“Our focused efforts towards improving our product and customer mix across geographies is showing its results, and is also evident from our improved bottom line despite the challenging circumstances,” said company chairman Onkar S Kanwar. “In India, which is our largest market, while there is no upswing in the demand from the OEs, the healthy demand in the replacement market, especially for our products, has helped us to hold on to our top line. We are also looking forward to introduce the Vredestein brand in India next month.”
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