New Delhi: Apollo Tyres on Wednesday posted nearly three-fold rise in consolidated net profit at ₹251.84 crore for the June quarter, driven by robust sales across various markets including India and Europe.
The company had reported a net profit of ₹88.3 crore during the same period of 2017-18.
Net sales stood at ₹4,249.39 crore during the April-June period as compared with ₹3,512.98 crore in the same period of 2017-18, Apollo Tyres said in a statement.
“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 investments in capacities, both in India and Europe, in addition to the increasing demand for our products with the OEMs, as well as, in the replacement market,” Apollo Tyres Chairman Onkar S Kanwar said.
Going forward, the company’s 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.
The company said its domestic business grew 32% to ₹3,021 crore during the quarter while the European operations’ revenue grew 22% to close at₹1,242 crore. Shares of the company today ended 1.3% down at ₹289 on BSE