Apollo Tyres posts over 44% jump in quarterly net
Apollo Tyres Ltd has posted an impressive increase of more than 44 per cent in net profit for the three-month period ended September 30, thanks to the company's focus on improving its product and customer mix across geographies.
In a filing with the Bombay stock Exchange (BSE), the Tyre giant revealed that its net profit increased 44.19 per cent, from Rs 152.2 crore in the July to September quarter of 2012 to Rs 219.47 crore in the same quarter of this year.
Net sales jumped 1.73 per cent year-on-year, from Rs 3,374.82 crore to Rs 3,433.46 crore.
Commenting on the quarterly results, Apollo Tyres 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."
The company's overall expenses in the three-month period under review increased marginally by 0.52 per cent, from Rs 3,099.14 crore to Rs 3,115.32 crore.
On Saturday, Apollo Tyres received a favourable ruling from a U. S. court in its dispute with American tyre-maker Cooper Tire over their proposed $2.5-billion acquisition deal. The company also reiterated that it was committed to find a `sensible' way to conclude the deal.