Apollo Tyres Q3 Net Profit Zooms Over Two-Folds To Rs 444 Crore
Published On 04-Feb-2021 21:56:28
Company had reported a net profit of Rs 174 crore in the same period of the last financial year
Apollo Tyres has posted over two-folds increase in its consolidated net profit at Rs 444 crore for the third quarter ended December on the back of robust sales across segments.
The company had reported a net profit of Rs 174 crore in the same period of the last financial year.
Sales during the period under review grew by 14 per cent to Rs 4,965 crore, as against 4,347 crores in the year-ago period, Apollo Tyres said in a statement.
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said, “Our performance across geographies, have been robust in the past quarter, and we continue to be extremely positive on the demand environment. Given our planned investments in capacity, R&D, brand and distribution, along with our cost optimisation programme, we are extremely well placed to leverage demand recovery across segments and geographies.”
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“Also, the Indian Government turning to expansionary mode in FY22 budget, with a clear focus on growth, and the announcement on scrappage policy, is going to be a boost for us going forward.”