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Apollo Tyres’ Q2 profit ups

Apollo Tyres’ Q2 profit ups

Apollo Tyres’ consolidated net profit for the second quarter ended September 2018 increased by 4% to Rs146 crore. The company had reported a net profit of Rs140 crore in the same period of last fiscal.

Sales grew 23% toRs4192 crore in the second quarter of the current fiscal.

For the first half of the year (April –September), the company posted a profit of Rs 398 crores on a Sales of Rs 8442 crores. The company’s Indian Operations (standalone), which reported a 26% jump in its Sales, was the dominant contributor to the revenue growth in the second quarter. European Operations revenue was up 17% in Q2.

Commenting on the company’s performance Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “In a quarter, when our two plants were impacted by floods, we had to deal with transporter’s strike in India, and the volatile raw material prices, our teams across geographies have performed remarkably well. We are looking forward to a similar growth momentum in the next few quarters as well.”

 

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