Apollo Tyres on Wednesday reported a 12.09 per cent decline in consolidated net profit to Rs 173.85 crore for the quarter ended on December 31, 2019, mainly due to sluggish demand from original equipment manufacturers.
The company had posted a net profit of Rs 197.95 crore for the corresponding period of 2018-19, Apollo Tyres said in a BSE filing.
Consolidated net sales declined to Rs 4,347.16 crore for the quarter under consideration as against Rs 4,655.36 crore for the same period year ago.
"The last few quarters have really been challenging, in terms of demand, especially from the original equipment (OE) segment. Despite our good show quarter-on-quarter in the replacement segment in India, overall performance has got impacted due to the sluggishness in demand from OEMs," Apollo Tyres Chairman Onkar S Kanwar said.
With green shoots of recovery visible in India, "we are hopeful of closing this fiscal on a positive note," he added.
Shares of Apollo Tyres were trading at Rs 164.50 per scrip on the BSE, up 1.86 per cent over previous close.
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