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Apollo Tyres Q3 net profits rises 6%

Apollo Tyres Q3 net profits  rises 6%

Apollo Tyres reported a rise of 6% to Rs2.96 billion in its net profits the third quarter ended December 31,2016.

The company’s net profits had stood at Rs 2.79 billion in the same quarter of FY 2015-16.

Sales grew 17% to Rs34.35 billion in the October-December 2016 period as against Rs29.38 billion in the same period of 2015. Apollo Tyres attributes the double-digit growth in the sales to good volume growth in both Indian, as well as, European Operations in the 3rd quarter, led by the passenger vehicle segment.

Commenting on the company’s performance in the 3rd quarter, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “We have been able to deliver positive numbers in spite of various external factors in the last few months. While, uncertainty around GST in India, adversely impacted the commercial vehicle segment, the passenger vehicle segment witnessed a good growth. European Operations grew both in revenue and volume terms, and that too, faster than the industry. Having said that, the increasing rubber and other raw material prices in the last few months would be a challenge for us, and the industry, going forward.”

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