Apollo Tyres gained 7.48% to Rs 244.30 after the tyre maker reported a 155% jump in consolidated net profit to Rs 443.81 crore in Q3 FY21 from Rs 173.86 crore in Q3 FY20.
Net sales for the quarter ended December 2020 stood at Rs 4,965.30 crore, up 14.2% over Rs 4347.16 crore in quarter ended December 2019. Apollo Tyres said topline performance was driven by strong demand recovery across segments in India. The announcement was made after market hours yesterday, 3 February 2021.The tyre maker's profit before tax jumped 206% to Rs 615.27 crore in Q3 FY21 from Rs 201.07 crore in Q3 FY20. Current tax outgo spiked 81.2% to Rs 115.1 crore in Q3 FY21 over Q3 FY20.
EBITDA grew by 85% year on year to Rs 989.4 crore in Q3 FY21 over Q3 FY20. EBITDA margin saw a sharp improvement and stood at 19.2% in Q3 FY21 from 12.1% in Q3 FY20.
Apollo Tyres is an international tyre major with manufacturing units in India, the Netherlands and Hungary.
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