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Our Bureau

New Delhi , Oct. 12

Apollo Tyres Ltd posted a 3.8 per cent increase in net profit at Rs 19.37 crore for the quarter ended September 30, as compared to Rs 18.66 crore for the corresponding quarter last year.

Total income (net of excise) rose to Rs 767.5 crore for the second quarter during 2006-07, up 21.13 per cent from Rs 633.6 crore in the year ago period.

Commenting on the results, Mr Neeraj R.S. Kanwar, Joint Managing Director of Apollo Tyres Ltd, said on Thursday that, "Continued sales growth amid tremendous cost push from the raw material side has been a very significant achievement. As has been our ability to increase our market share in all the key segments over these past six months.

"The tapering off in crude and natural rubber prices from the abnormal highs they had shot up to in July and August is a very positive factor in terms of the entire tyre industry's ability to maintain profit margins and deliver new products to the market," he added.

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