Apollo Tyres on Wednesday reported a consolidated net profit of ₹497 crore for the third quarter ended December 31, up 78 per cent year on year compared with ₹279 crore in the corresponding period of last year.

Consolidated revenue also grew 3 per cent to ₹6,595 crore (₹6,422 crore).

“Our European operations have outperformed the market once again in the past quarter. Additionally, we are seeing further signs of recovery in the overall European market, which is a huge positive for us. Our journey towards higher ROCE and profitable growth continued with improved product and market mix across geographies, along with stable raw material prices,” Onkar Kanwar, Chairman, Apollo Tyres, said.

For the nine-month period ending December 31, the company recorded a consolidated net profit of ₹1,368 crore (₹636 crore).

Consolidated revenue from operations was up 4 per cent at ₹19,120 crore (₹18,321 crore).

Operating profit was up 48 per cent at ₹3,419 crore (₹2315 crore), the company added.