Apollo Tyres on Wednesday reported consolidated net profit of ₹228 crore for the first quarter ended June 30, up 37 per cent from ₹166 crore in the corresponding period last year.
Net sales of the company also were marginally up at ₹3,235 crore during the quarter from ₹3,190 crore in April-June quarter 2013.
“Increased vehicle sales in the past quarter across geographies, and especially in India, along with a better product and market mix, helped us report good numbers in the past quarter," Onkar S Kanwar, Chairman, Apollo Tyres, said.
Showing signs of growth, Apollo Tyres’ Indian operations registered six per cent increase in revenue in the first quarter, while European operations registered an increase of 18 per cent in revenues in the first quarter, as compared to the same period last year, the company said.
“Along with our decision to go ahead with a >new greenfield facility in Eastern Europe , we also have plans in place to expand the truck-bus radial capacity at our Chennai plant and re-jig the product mix of our facility in Kalamassery, Kerala," Kanwar added.
The company recorded operating profit at ₹458 crore, an increase of 13 per cent from ₹404 crore in the same period last year.
Apollo Tyres' shares were trading at ₹174.20 on the BSE at 3.05 PM, down 5.94 per cent from the previous close.