Apollo Tyres reported a 46.74 per cent jump in consolidated net profit to Rs 78.14 crore for the second quarter, on account of its robust European business.
Last year, the company had reported a net profit of Rs 53.25 crore for the corresponding period.
“Our European operations helped in maintaining the bottom line, contributing Rs 55 crore. In contrast, our Indian operations were under pressure, owing to high natural rubber prices and weaker rupee,” said the Managing Director, Mr Neeraj Kanwar.
The company's net sales also surged 47.32 per cent to Rs 2,871.24 crore during the second quarter, against Rs 1,948.92 crore in the year-ago period.
Apollo Tyres shares closed at Rs 59.35 a piece on the BSE, down 0.84 per cent from their previous close.