Apollo Tyres on Wednesday reported a 12.09 per cent decline in consolidated net profit to ₹173.85 crore for the quarter ended on December 31, 2019, mainly due to sluggish demand from original equipment manufacturers.
The company had posted a net profit of ₹197.95 crore for the corresponding period of 2018-19,.
Consolidated net sales declined to ₹4,347.16 crore for the quarter as against ₹4,655.36 crore for the same period year ago.
“The last few quarters have really been challenging, in terms of demand, especially from the original equipment (OE) segment. Despite our good show quarter-on-quarter in the replacement segment in India, overall performance has got impacted due to the sluggishness in demand from OEMs,” Apollo Tyres Chairman Onkar S Kanwar said.
With green shoots of recovery visible in India, “we are hopeful of closing this fiscal on a positive note,” he added.
Shares of Apollo Tyres have ended at ₹168.35 per scrip on the BSE, up by 4.24per cent over previous close.