Apollo Tyres has reported a consolidated net profit of Rs 219.5 crore for the second quarter ended September 30, up 44 per cent from Rs 152.2 crore in the corresponding period last year.
“Our focused efforts towards improving our product and customer mix across geographies is showing its results, and is also evident from our improved bottomline despite the challenging circumstances,” said Onkar S. Kanwar, Chairman.
Net sales grew 2 per cent to Rs 3,433 crore during the quarter against Rs 3,375 crore in the year-ago period, the company said in a statement. Operating profit increased 16 per cent to Rs 440.6 crore (Rs 380.9 crore). The earnings per share stood at Rs 4.36 against Rs 3.29.
Kanwar said the company’s European operations continued with its strong performance and reported a 27 per cent increase in the second quarter revenues compared with the same period last fiscal.
“We are also looking forward to introduce the Vredestein brand in India next month,” he added. Vredestein is a Dutch company making passenger car tyres, which was acquired by Apollo in May 2009.
The shares closed at Rs 74.50 on the BSE on Monday, up 4.05 per cent from the previous close.
ronendrasingh.s@thehindu.co.in