Apollo Tyres, the world’s 11th largest manufacturer of tyres, has reported a growth of 4.28 percent in their consolidated net profit which stood at INR. 146 crore for the second quarter that ended on 30th September 2018. While during the same period last year, the tyre manufacturer had posted a consolidated net profit of INR. 140 crore.
Apollo Tyres also registered a 22.4 percent growth in revenue in the current quarter under review from operations which stood at INR. 4,257.4 crore compared to INR. 3,476.7 crore in the same quarter last year. The company’s Chairman, Onkar. S. Kanwar commented on the financial performance saying that in the second quarter they faced difficulties in the form of their two plants being impacted by the floods in Kerala, they also had to deal with the transporters’ strike and bear the volatile raw material prices. But, the teams across various countries performed remarkably well. This has resulted in a positive end to the quarter.
In terms of the standalone basis, the company’s profit has surged and stood at INR. 146.8 crore during the quarter under review. In the previous year, during the same period it was INR. 127.6 crore.