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Shares of Apollo Tyres has dipped 11% at Rs 190 on NSE in early morning trade after reporting a sharp 45% year on year (yoy) drop in its consolidated net profit at Rs 184 crore for the third quarter ended December 31 (Q3), due to weak sales and provisions made for its South African unit.
The company had posted a net profit of Rs 338 crore for the same period of previous fiscal.
Net sales of the company declined 11% yoy to Rs 3,092 crore for the third quarter, as against Rs 3,475 crore during the same period of previous fiscal.
On a standalone basis, the company posted 47% yoy jump in net profit at Rs 162 crore, as compared to Rs 110.30 crore in the same period of previous fiscal.
The stock opened at Rs 205 and touched a low of Rs 182 on NSE. A combined 2.74 million shares changed hands on the counter till 0935 hours on NSE and BSE.
The company had posted a net profit of Rs 338 crore for the same period of previous fiscal.
Net sales of the company declined 11% yoy to Rs 3,092 crore for the third quarter, as against Rs 3,475 crore during the same period of previous fiscal.
On a standalone basis, the company posted 47% yoy jump in net profit at Rs 162 crore, as compared to Rs 110.30 crore in the same period of previous fiscal.
The stock opened at Rs 205 and touched a low of Rs 182 on NSE. A combined 2.74 million shares changed hands on the counter till 0935 hours on NSE and BSE.
