Apollo Tyres reports two-fold increase in Q2 net profit at Rs 200 cr

Topics Apollo Tyres | Q2 results

Apollo Tyres on Wednesday posted an over two-fold increase in consolidated net profit at Rs 200 crore for the September quarter on the back of robust sales.

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.

"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," Apollo Tyres Chairman Onkar S Kanwar said.

In Europe, the company has gained market share in the high performance passenger car tyre segments, he added.

"While there is uncertainty around COVID-19, we continue to see healthy demand momentum on ground," Kanwar said.

Apollo Tyres shares ended 3.46 per cent up at Rs 147.9 apiece on Wednesday.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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