Apollo Net Zooms 327 Per Cent To Rs 25.5 Cr

January 28: | Updated: Jan 29 2003, 05:30am hrs
Apollo Tyres Ltd (ATL) made a turnover of Rs 514.48 crore during the quarter ended December 31, 2002, registering an increase of 32 per cent over Rs 390.02 crore made in the same period of 2001.

Announcing its results, the company has reported that its net profit for Q3 ended December 31, 2002, was Rs 25.47 crore, an increase of 327 per cent over Rs 5.97 crore made in the same period of 2001.

"The recovery in core segments like cement, steel and automotives has positively impacted the tyre industry," said ATL chairman and managing director Onkar S Kanwar.

"With infrastructural and housing construction driving demand, we are confident of achieving our earnings outlook of a 20 per cent growth in topline this fiscal."

Cumulative sales for the first nine months of the current fiscal grew by 20 per cent to Rs 1483.34 crore, up from Rs 1236.99 crore made in the previous year.

"While we have registered an impressive growth in sales this quarter, high input costs, especially those of petroleum based products and natural rubber have put pressure on margins," said ATL chief operating officer Neeraj Kanwar.

"However, enhanced operations management, efficient collection of receivables and low interest payouts have been the main reasons for our impressive performance."

The companys growth in specific tyre segments in Q3 ended December 31, 2002 as against the same period in 2001 was 38 per cent in trucks and buses, 48 per cent in light commercial vehicles, 65 per cent in car radials and 88 per cent in farm tyres.

BASF India Net Down To Rs 5.5 Crore
BASF India Ltd has posted a net profit of Rs 5.51 crore for the quarter ended December 31, 2002 as compared to Rs 7.42 crore in the corresponding quarter last year.

GTL Net Declines To Rs 21.2 Crore
GTL Ltd has posted a net profit of Rs 21.18 crore for the quarter ended December 31, 2002 as compared to Rs 28.77 crore in the corresponding quarter last year. Net sales & services have increased to Rs 141.24 crore from Rs 137.03 crore. As per the consolidated results net profit for declined to Rs 19.68 crore as compared to Rs 24.08 crore last year.

Varun Shipping Net Up To Rs 2.79 Crore
Varun Shipping Company Ltd has posted a net profit of Rs 2.79 crore for the third quarter ended December 31 2002 as compared to Rs 2.53 crore in the corresponding quarter last year. The company expects the freight rates to remain firm which went up substantially from December 2002.

Finolex Net Nosedives 43.4 Per Cent
Finolex Industries Ltd has reported a 43.36 per cent drop in net profit to Rs 12.8 crore for the third quarter of the current fiscal as against Rs 22.6 crore in the same period of the previous fiscal. Net sales for the third quarter increased 17.38 per cent to Rs 226.2 crore as against net sales Rs 192.7 crore in the corresponding quarter of the previous fiscal.

Finolex Industries net profit for the nine months ended December 3, 2002 increased by 44.37 per cent to Rs 70.6 crore as against Rs 48.9 crore in the nine months of the previous quarter. Net sales for the nine months was higher by 8.40 per cent at Rs 627.1 crore as against Rs 578.5 crore in the corresponding quarter of the previous fiscal.

Nirma Net Rises To Rs 64.31 Crore
Nirma Ltd has posted a net profit of Rs 64.31 crore for the quarter ended December 31, 2002 as compared to a net profit of Rs 53.17 crore in the quarter ended December 31,2001. Total Income has increased from Rs 494.95 crore in the December quarter of 2001 to Rs 539.1 crore in the December quarter of 2002.

Luxor Pilot Sales Double by 30%
Pilot, the leading writing instrument brand of Luxor Writing Instruments has announced that the brand has registered a growth of 30 per cent every six months. The company has pegged this growth on new revamped Japanese technology used in the pens.