Apollo Tyres Q2 net surges over two-fold to Rs 200 cr

Apollo Tyres on Wednesday posted an over two-fold increase in consolidated net profit at Rs 200 crore for the September quarter on the back of robust sales. The company had reported a net profit of Rs 83 crore in the July-September period of 2019-20. Net sales rose by 8 per cent to Rs 4,234 crore in the second quarter of this fiscal, compared to Rs 3,926 crore in the year ago period, Apollo Tyres said in a statement. "In India, we have reported our best ever volumes in the truck-bus and passenger car tyre categories in the replacement market and have expanded our distribution footprint," Apollo Tyres Chairman Onkar S Kanwar said. In Europe, the company has gained market share in the high performance passenger car tyre segments, he added. "While there is uncertainty around COVID-19, we continue to see healthy demand momentum on ground," Kanwar said

Apollo Tyres shares ended 3.46 per cent up at Rs 147.9 apiece on Wednesday.