Apollo Tyres on Wednesday posted a 20.23% jump in its consolidated net profit at R1,659.47 crore during the April-June quarter on the back of improved product and customer mix. Consolidated net sales during the period was up marginally by 0.79% at R31,899.30 crore due to lower demand from vehicle manufacturers.
Apollo Tyres chairman Onkar S Kanwar said, ?It is a challenging time for the automotive industry, with sales slowing for most vehicle makers. However, our leadership in the high-margin truck-bus radial segment in India, along with an increased focus on the replacement market across geographies, has helped us increase our profitability.?