Apollo Tyres net profit increases by 11 per cent in June quarter

NEW DELHI: Gurgaon-based Apollo Tyres said consolidated net profit rose 10.6 per cent to Rs 314.7 crore in the quarter to June.

The company had posted a net profit of Rs 284.4 in the year-ago quarter. Net sales grew 15.9 per cent year-on-year to Rs 3,284.7 crore.

“Despite the challenges posed by Chinese imports, we have seen increased demand for our products from both OEs (original equipment manufacturers) and the replacement market across product categories in India,” Onkar Kanwar, chairman at Apollo Tyres, said.

Shares in Apollo Tyres gained 0.39 per cent to close at Rs 181.45 on the BSE on Tuesday.

Its India operations clocked a revenue growth of 6 per cent in the June quarter, while revenues from European operations grew 10 per cent. “With the increased truck-bus radial capacity kicking in the next 2-3 months, we are well poised for a higher volume growth in the fiscal,” added Kanwar.