Apollo Tyres on Thursday reported a consolidated net profit of ₹292 crore for the third quarter ended December, up 31 per cent year-on-year compared with ₹224 crore in the corresponding period last year.

Aided by robust sales in the domestic market, the consolidated revenue from operations also rose 12 per cent y-o-y to ₹6,423 crore (₹5,724 crore). The company reported an operating profit of ₹913 crore (₹743 crore).

For the nine month period (April-December) also, the consolidated net profit closed at ₹677 crore, as against ₹Rs.525 crore in the same period last fiscal. Revenue from operations was also up 19 per cent y-o-y to close at ₹18,321 crore compared to ₹Rs.15,369 crore in corresponding period last financial year.

Domestic demand

“The domestic demand has helped us tide over the recessionary trends elsewhere. Having said that, our European operations have still outperformed the market in the first nine months of this fiscal. Input costs eased to some extent in the past quarter, helping improve our margins,” Onkar Kanwar, Chairman, Apollo Tyres, said. The demand momentum, in the medium term, looks positive, while there may be some headwinds in the near term, he added.

Shares of Apollo Tyres closed at ₹331.35 apiece on the BSE on Thursday, up 0.50 per cent.

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