Apollo Tyres Q2 Profit Doubles To Rs 200 Crore
Published On 06-Nov-2020 23:21:41
The company had reported a net profit of Rs 83 crore in the July-September period of 2019-20
Apollo Tyres has posted an over two-folds increase in consolidated net profit at Rs 200 crore for the quarter ending September, as vehicle production returned to pre-covid level in India and foreign market.
The company had reported a net profit of Rs 83 crore in the July-September period of 2019-20. Net sales rose by 8 per cent to Rs 4,234 crore in the second quarter of this fiscal, compared to Rs 3,926 crore in the year ago period, Apollo Tyres said in a statement.
Commenting on the company’s performance Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “Apollo Tyres Family stands firmly in these challenging times, with a steely determination to move ahead in the uncharted waters. In India, we have reported our best ever volumes in the truck-bus and passenger car tyre categories in the replacement market and have expanded our distribution footprint.”
“In Europe, we have gained market share in UHP and UUHP passenger car tyre segments, in addition to securing podium positions in independent test results. While there is uncertainty around COVID-19, we continue to see healthy demand momentum on ground.”
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Auto manufacturers and their components suppliers had to close their factories from March 22, 2020 because of the lockdown announced by the union and the state governments to contain the spread of the coronavirus. However, vehicle production witnessed a sharp recovery during September quarter as sales improved across geographies.