Apollo Tyre Q3 net profit surges

Apollo Tyres’ net profit surged over 50%  in the third quarter ended December 31,2015, however, sales reported a marginal fall of 1%.Apollo

Net profit for the Oct-Dec 2015 quarter stood at Rs2.79 billion against Rs1.84 billion in the same quarter of 2014.  The company’s sales in the third quarter of FY2015-16 was Rs29.29 billion compared with Rs30.37 billion the same period of FY 2014-15.

Commenting on the company’s performance in the 3rd quarter, Onkar S Kanwar, Chairman, Apollo Tyres Ltd 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 Board of Directors also approved the appointment of Padma Bhushan Shri Vinod Rai, former Comptroller and Auditor General of India, as Additional Director (Independent), and Francesco Gori, ex-CEO of Pirelli Tyres and Advisor for Strategy, Apollo Tyres Ltd, as Additional Director (Non-Independent).

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