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Apollo Tyres has reported net profit of ₹279 crore for the second quarter ended September 30, up eight per cent, against ₹258 crore in the corresponding period last year.
However, net sales were down 11 per cent (year-on-year) to ₹2,980 crore during the quarter against ₹3,331 crore in July-September 2014, the company said. EPS stood at ₹5.48 against ₹5.09.
The company said delayed onset of winter in Europe, resulted in lesser than expected sales and pre-orders for winter tyres, impacted the company’s European operations.
“In the July-September quarter, the truck-bus radials imports increased almost 100 per cent, as compared to the same period last year, of which, the economy/Chinese brands contributed nearly 90 per cent,” said Onkar S Kanwar, Chairman.
The problem of low cost imports is putting at risk the entire ‘Make in India’ clarion call by the Indian Government, he said.
Meanwhile, the company’s board has approved merger of Apollo (Mauritius) Holdings, a wholly-owned subsidiary, with the company. Apollo Tyres’ shares closed at ₹171.05 on the BSE on Friday, down 6.22 per cent from the previous close.
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