Tyre major, Apollo Tyres, on Wednesday reported a consolidated net profit of Rs 252 crore for the first quarter ended June 30. This represented a three-fold jump over Rs 88 crore recorded in the corresponding period last year.
Net sales of the company also rose by 30 per cent to Rs 4,249 crore during the period, as compared with Rs 3,258 crore in the April-June quarter last year. Net sales rose, aided by healthy growth both in India and Europe, across product segments, it said.
Indian operations have also done well, backed by the robust performance of the commercial vehicle and passenger car tyre segments, the company said.
“All our operations have done well in the past quarter, and have reported a good set of numbers. This is a result of planning and investment in capacities, both in India and Europe, in addition to the increasing demand for our products with manufacturers, as well as in the replacement market,” Onkar S Kanwar, Chairman, Apollo Tyres, said.
Going forward, the growth momentum will continue despite the challenges posed by the raw material cost push, transporters strike and the new loading norms for commercial vehicles in India, he added. Shares of Apollo Tyres were trading at Rs 295.30 at 14.51 pm on the BSE, up 0.85 per cent from the previous close.