{"id":4448,"date":"2017-08-07T20:30:11","date_gmt":"2017-08-07T15:00:11","guid":{"rendered":"http:\/\/www.tyremarket.com\/tyremantra\/?p=4448"},"modified":"2017-09-12T11:07:12","modified_gmt":"2017-09-12T05:37:12","slug":"apollo-tyres-news-india-reports-decline-q1-net-profit","status":"publish","type":"post","link":"https:\/\/www.tyremarket.com\/tyremantra\/apollo-tyres-news-india-reports-decline-q1-net-profit\/","title":{"rendered":"Apollo Tyres Reports A Decline In Q1 Net Profit"},"content":{"rendered":"

\"Buy<\/p>\n

Apollo Tyres’\u00a0latest quarter ended on a downward side with the 72% decline in its consolidated net profit at \u20b9 88.3 crore due to the higher expenses and pre-GST destocking by the trade partners.<\/p>\n

In a BSE filing, Apollo Tyres said that during the same period of the previous fiscal, they had posted a net profit of \u20b9 315.54 crores. One of the major reasons of less revenue in the first quarter was the pre-GST destocking<\/a><\/strong> by the company\u2019s business partners. The confusion over the switch over to BS IV emission norms from BS III in the commercial vehicles too played a part in the decline of revenue.<\/p>\n

This year total expenses during the quarter under review are up by 8.39% which stood at \u20b9 3,423.9 crore compared to \u20b9 3,158.6 crores in the year 2016. Onkar S Kanwar<\/a><\/strong><\/span>, Chairman of Apollo Tyres<\/a><\/strong>\u00a0said that the result reflects the impact felt due to the rising raw material prices in their operations. As compared to the last year, the raw materials prices have risen over 30 percent in the first quarter which has negatively impacted their margins.<\/p>\n

In the meantime, the Apollo Tyres\u2019 board has approved raising \u20b9 500 crores through the issue of non-convertible debentures on private placement basis.<\/p>\n

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