APOLLO TYRES NET SALES UP 11% IN Q2 FY18

Time: Nov 3rd 2017   Copy editor: Tyrefull

Apollo Tyres reported a net profit of Rs 1.4 billion on a Net Sales of Rs 34.18 billion for the July-September second quarter of 2017-18. For the first half of the fiscal(April – September), the company posted a profit of Rs 2.28 million on Net Sales of Rs 66.76 billion. Company’s Indian Operations (standalone), which reported an 18% jump in its Net Sales, was the dominant contributor to the revenue growth in the second quarter.

Highlights

Net sales grew 11% to close at Rs 34.18 billion from Rs 30.66 billion in the same period a year ago.
Operating profit closed at Rs 3.84 billion. Net sales grew five per cent to reach Rs 66.76 billion as against Rs 63.59 billion for half year and operating profit was Rs 6.66 billion.

“While our revenues have grown, our margins have been under pressure due to the higher raw material prices, up nearly 15% against same period last year. With several capacity expansion projects currently underway for the company, we are looking forward to a healthy growth in the coming quarters,” said Onkar S Kanwar, Chairman, Apollo Tyres.

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