Apollo Tyres Dec quarter Net soars 87% to Rs 338 cr

Apollo Tyres today posted a 87.15% increase in consolidated net profit at Rs 338.01 crore for the third quarter ended December 31, helped by benefits accruing from a better product portfolio.

 

The company had posted a net profit of Rs 180.60 crore during the same period of previous fiscal.

 

Consolidated net sales of the company rose to Rs 3,475.12 crore during the third quarter, compared to Rs 3,217.34 crore during the same period in the previous fiscal, Apollo Tyres Ltd said in a statement.

 

"Improved and expanded product range in key markets for the company has helped us in reporting incremental revenues for the third quarter," Apollo Tyres Chairman Onkar S Kanwar said.

 

"This gives me confidence to invest in future growth for the company, decisions for which had been kept on hold for the past few months," he added.

 

For nine months ended December 31, 2013, the company posted a net profit of Rs 723.43 crore, compared to Rs 470.82 crore in the same period of previous fiscal.

 

Apollo Tyres shares today closed at Rs 118.40 apiece on the BSE, down 0.17% from their previous close.