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Apollo Tyres on Wednesday reported a consolidated net profit of Rs 181 crore for the third quarter ended December 2012, up 85 per cent from Rs 98 crore in the same period last year.
The company’s operating profit for October-December also grew 24 per cent, at Rs 409 crore, compared with Rs 330 crore in the corresponding previous period.
However, net sales declined marginally at Rs 3,217 crore for the period (Rs 3,228 crore).
Market dynamics
“The dynamics in our largest market, India, have not been easy. Europe and South Africa too are facing their own economic issues. In India, the commercial vehicles segment has been affected the most, and other sectors have not remained unscathed either,” said Onkar S. Kanwar, Chairman.
He said while the company expects the passenger vehicles segment to recover in the next two quarters, commercial vehicle sales will take more time to normalise.
The company’s shares closed at Rs 84.85 on the BSE, down 0.35 per cent, from the previous close.
ronendrasingh.s@thehindu.co.in
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