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Apollo reports 87% increase in Q3 profits

Indian tyre maker Apollo Tyres reported a whopping 87% rise in its third quarter consolidated net profit driven by improved and expanded product rage in key markets. The Gurgaon-based company’s consolidated net profit for the quarter that ended December 2013 stood at Rs338 crore from Rs 181 crore in the year-earlier period.

Net sales increased by 8% on year-on-year basis to Rs3,475 crore during the October- December quarter against Rs3,217 crore in the same period of the corresponding year.

The company’s operating profit stood at Rs. 618.5 crore during the quarter from Rs. 409 crore in the same quarter last year.

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