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Apollo Tyres on Tuesday reported consolidated net profit of ₹307 crore for the fourth quarter ended March 31, up 9 per cent against ₹281 crore in the corresponding period last year.
However, the company’s consolidated net sales fell 3 per cent year-on-year to ₹3,098 crore during the quarter as compared with ₹3,212 crore in January-March last year.
“The recent increase in import duty of natural rubber from 20 per cent to 25 per cent in India will be a challenge going forward,” Onkar S Kanwar, Chairman, Apollo Tyres, said.
He said this change in duty is likely to result in further increase in import of cheap tyres into the country, which can be imported at 10 per cent duty, and will hinder the growth of capacity investments by the domestic tyre industry.
At 3.15 pm, Apollo Tyres shares were trading down 0.97 per cent or Rs 1.65 at Rs 169.30 on the BSE.
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