Apollo Tyres Q2 net profit up 44.19 per cent at Rs 219.47 crore

Written by PTI | New Delhi | Updated: Nov 12 2013, 03:44am hrs
Apollo Tyres profitApollo Tyres Ltd Chairman Onkar S Kanwar: Our focused efforts towards improving our product and customer mix.
Apollo Tyres today reported 44.19 per cent increase in net profit at Rs 219.47 crore for the quarter (Q2) ended September 30, 2013, on the back of improved product mix.

Apollo Tyres had reported a net profit of Rs 152.2 crore in the same quarter a year ago.

Apollo Tyres' net sales in the quarter under review was at Rs 3,433.46 crore, an increase of 1.73 per cent as compared to Rs 3,374.82 crore in the same period last year, the company said in filing with BSE.

Commenting on the company's performance during the quarter, Apollo Tyres Ltd Chairman Onkar S Kanwar said: "Our focused efforts towards improving our product and customer mix across geographies is showing its results, and is also evident from our improved bottomline despite the challenging circumstances."

Elaborating further, he said: "In India, which is our largest market, while there is no upswing in the demand from the OEs, the healthy demand in the replacement market, especially for our products, has helped us to hold on to our topline."

Overall expenses in the quarter were at Rs 3,115.32 crore, an increase of 0.52 per cent, compared with Rs 3,099.14 crore in the corresponding quarter last year.

Apollo Tyres on Saturday said it has received a favourable 'partial ruling' from a US court in its dispute with Cooper Tire over their proposed $2.5-billion merger agreement and stated it is committed to finding a 'sensible way forward'.

In June, Apollo had announced to acquire Cooper Tire & Rubber Co in an all-cash transaction and the merged entity was billed to become the seventh largest tyre maker in the world.

Shares of Apollo Tyres closed at Rs 74.50 apiece at the end of the day's trade, up 4.05 per cent from the previous day's close on the BSE.