Apollo Tyres on Thursday reported a consolidated net profit of ₹397 crore for the quarter ended June 30, a more than double (124 per cent) growth on a year-on-year basis, as compared with ₹177.3 crore in the corresponding period last year.
The total income of the company also rose by 5.51 per cent y-o-y to ₹6,280 crore during the quarter in review, as compared with ₹5,952 crore in the April-June quarter last year.
The company’s European operations performed better than the market under a tough scenario, while in India the focus remained on higher margin products and markets, it said. “My compliments to the team in Europe for outperforming the market, despite the ongoing challenges. In India, we have done well in the key replacement market segment, while focusing on enriching our product and market mix for better profitability, from a long-term perspective,” Onkar Kanwar, Chairman, Apollo Tyres, said.
This, along with stable input costs, have resulted in better margins in the past quarter, he added.