Apollo Tyres on Wednesday reported a consolidated net profit of ₹444 crore for the third quarter ended December 31, which is up 155 per cent as compared with ₹174 crore in the corresponding period previous year.
Revenue also grew 14 per cent year-on-year (YoY) at ₹4,965 crore (₹4,347 crore).
Operating profit jumped by 91 per cent YoY at ₹1,053 crore, in comparison to ₹551 crore in the same quarter previous year, the company said.
“Our performance across geographies, has been robust in the past quarter, and we continue to be extremely positive on the demand environment. Given our planned investments in capacity, R&D, brand and distribution, along with our cost optimisation programme, we are well placed to leverage demand recovery across segments and geographies,” Onkar Kanwar, Chairman, Apollo Tyres, said.
“Also, the government turning to expansionary mode in the Budget, with a clear focus on growth, and the announcement on scrappage policy, will be a boost for us going forward,” he added.