Apollo Tyres second quarter consolidated net profit at Rs 174 cr

Apollo Tyres on Friday posted a consolidated net profit of Rs 174 crore for the second quarter ended September, riding on robust sales across domestic and international markets.

The homegrown tyre maker had reported a net loss of Rs 246 crore in the corresponding period last fiscal.

Revenue from operations in the second quarter rose 18 per cent to Rs 5,077 crore as against Rs 4,295 crore in the year-ago period, Apollo Tyres said in a statement.

"We have seen a robust demand for our products across categories and across geographies, which is visible in the healthy revenue growth, both for the second quarter and in the first half of the fiscal," Apollo Tyres Chairman Onkar Kanwar noted.

Some of the recent additions to the product offering, is helping the company further extend leadership in the commercial and passenger vehicle space in India, he added.

"Europe too, continues to grow, especially in the UHP (ultra-high performance )and UUHP segment in the PV category. The pressure on the margin front continues, due to the rising raw material prices, despite taking multiple price corrections in the last few months," Kanwar stated.

In the April-September period, the company posted a consolidated net profit of Rs 302 crore. It had reported a net loss of Rs 381 crore in the same period last fiscal.