Companies

Apollo Tyres’ Q3 net skids 19% to ₹198 crore

Our Bureau New Delhi | Updated on February 05, 2019

Owing to a rise in commodity prices, Apollo Tyres saw a 19 per cent YoY decline in its consolidated net profit at ₹198 crore for the third quarter ended December 2018, against ₹245 crore in the previous year period.

However, consolidated revenue from operations was up 16 per cent at ₹4,655 crore (₹4,016 crore).

“While our volumes have increased across segments and geographies, the margins were impacted due to the lag effect of the increase in raw material prices, especially crude-based ones, in the previous quarters,” Onkar S Kanwar, Chairman, Apollo Tyres, said on Tuesday.

Total expenses during the third quarter were higher at around ₹4,440 crore (₹3,746 crore) with cost of materials consumed rising to ₹2,252 crore (₹1,818 crore).

Published on February 05, 2019

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