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This article has been modified. Please see the clarification at the end.
Leading tyre manufacturer Apollo Tyres today reported a 9% increase in profit for the quarter ended March 31. Profit for the quarter stood at Rs 307.48 crore while net sales declined 3.53% to Rs 3,098.42 crore.
For the fiscal year ended March 31, profit dipped 2.72% to Rs 977.60 crore while net sales also declined over 4% to Rs 12,725.69 crore. Onkar S Kanwar, Chairman, Apollo Tyres, said, “Despite a healthy volume growth in the passenger car tyre segment in Europe, and nearly 30% volume growth in the truck-bus radial segment in India, our topline has not grown, primarily due to the South African operations, and also because of the depreciation of Euro”.
Clarification
An earlier version of this article was published with a wrong headline, which has been corrected. The error is regretted.
