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Apollo Tyres Q3 net profit falls

Apollo Tyres Q3 net profit falls

Apollo Tyres’ net profit for the third quarter ended December 31,2018 fell by 19% to Rs 198 crore due to the increase in raw materials.

The company had reported net profit  of Rs245 crore for the third quarter of last fiscal.

Sales for the quarter increased by 16% to Rs4655 crore against Rs4016 crore in in the corresponding period of the last financial year.
Commenting on the company’s performance in the 3rd quarter, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “While our volumes have increased across segments and geographies, the margins were impacted due to the lag effect of the increase in raw material prices, especially crude-based ones, in the previous quarters. Comparatively, this quarter looks better, as the raw material prices have eased to some extent. In the current quarter, we are already witnessing an uptick in demand, and are hopeful of reporting a healthy growth.”
For first nine months of this financial year, sales grew 22.5% to Rs13097 crore and net profit increased by 26% to 596 crore y-o-y.

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