Apollo Tyres Q3 Net Up 51% to Rs 278 Crore

Apollo Tyres Q3 Net Up 51% to Rs 278 Crore
New Delhi: Apollo Tyres on Tuesday reported a 51.35 per cent increase in consolidated net profit at Rs 278.5 crore for the third quarter ended December 31, 2015.

The company, which on Tuesday announced appointment of former CAG Vinod Rai and ex-CEO of Pirelli Tyres Francesco Gori to its Board of Directors, had posted a consolidated net profit of Rs 184 crore in the same period last fiscal, Apollo Tyres said in a BSE filing.

Net sales during the period under review stood at Rs 2,929.45 crore as against Rs 3,037.29 crore in the corresponding period of the previous fiscal, it added.

Revenue from India stood at Rs 2,146.87 crore as against Rs 2,136.57 crore in the year-ago quarter, while that from Europe was at Rs 863.73 crore as compared to Rs 891.55 crore in the year-ago period.

Commenting on the performance, Apollo Tyres Chairman Onkar S Kanwar said: “Despite our volumes going up, especially in India, we have reported flat revenues, as we have passed on the benefit of cooling raw material prices to our customers. This, in addition to the increasing import of cheap tyres into the country, has impacted our revenues.”

The company said its Board of Directors, in its meeting held today, also approved the appointment of Rai as an independent Additional Director and Gori as non-independent Additional Director.

Commenting on the appointments, Kanwar said: “Their vast experience would further strengthen our Board, and add value to our strategic decision making process.”

Shares of Apollo Tyres ended the day at Rs 135.05 apiece, down 1.60 per cent from the previous close on the BSE.
[“source-ndtv”]