Apollo Tyres on Monday reported a consolidated net profit of ₹257.9 crore for the second quarter ended September 30, up 18 per cent from ₹219.5 crore in the corresponding period of the previous fiscal year.
However, net sales declined 4 per cent to ₹3,300 crore during the quarter from ₹3,433 crore in the corresponding period last year, the company said in a statement.
Exports grew 30 per cent, leading to a strong performance by the Indian operations, it said.
However, the sale of part of the African business in the last fiscal year led to the company reporting flat revenue growth on a consolidated level, the company said.
“Our 18-24 months of planning and smart execution has resulted in incremental exports out of India, and with additional demand for our products in the West Asia and ASEAN regions, we expect this to grow further,” said Onkar S Kanwar, Chairman of Apollo Tyres.
Taking into account the export growth and the expected revival of the commercial vehicle segment in India, the company’s expansion projects in Chennai and Kochi are moving ahead at full steam, he said.
The company’s shares closed at ₹236.05 on the BSE on Monday, up 1.29 per cent from their previous close.