Apollo Tyres on Monday reported consolidated net profit of ₹257.9 crore for the second quarter ended September 30, up 18 per cent as compared with ₹219.5 crore in the corresponding period last year.

 

However, net sales of the company declined by four per cent to ₹3,300 crore during the July-September quarter, as compared with ₹3,433 crore in the corresponding period last year, the company said in a statement.

 

Exports out of India, has seen a growth upwards of 30 per cent, which has led to a strong performance by the Indian operations, it said.

 

However, sale of part of African business in the last fiscal, led to the company reporting flat revenue growth on a consolidated level in the second quarter, the company said.

 

“Our 18-24 months of planning and smart execution has resulted in incremental exports out of India, and with additional demand for our products in the West Asia and ASEAN region, we expect this to grow further,” Onkar S Kanwar, Chairman, Apollo Tyres, said.

 

Taking into account the export growth, and the expected revival of the commercial vehicle segment in India, the company’s expansion projects in Chennai and Kochi, is moving ahead full steam, he said.

Related Topics