Stocks of Apollo Tyres hit an intra-day high of Rs 171, before closing 8.26 per cent lower at Rs 158.75, after the company declared a fall in its net profits. More than 1.80 lakh shares of Apollo Tyres were traded on the BSE today.
The company reported a 13.4 per cent fall in net profit at Rs 18.72 crore, as compared to Rs 21.62 crore in the corresponding period last year. Net sales rose by 12.2 per cent to Rs 544.43 crore from Rs 485.22 crore in June 2002.
Apollo Tyres presented a contrasting picture - lower profits, but good sales following strong volumes growth, especially in the commercial vehicles segment (trucks, LCVs, jeeps and passenger cars). However, the volumes growth did not translate into an improved bottomline, according to market sources.