Mumbai: Apollo Tyres on Tuesday said its
consolidated net profit stood at Rs 129.2 crore for the
quarter ended September 30, 2009.
The company had reported a net profit of Rs 15.1 crore in
the same period last fiscal.
Pursuant to the acquisition of Dutch tyre manufacturer
Vredestein Banden BV on May 15, 2009, the prior period figures
are not comparable, Apollo Tyres said in a filing to the
Bombay Stock Exchange.
The company reported net sales of Rs 2,046.19 crore in
the latest quarter, against Rs 1,262.1 crore in the same
period previous fiscal.
"In the quarter under review, higher raw material costs
were absorbed by the company in order to protect consumers’
interest. This was possible only because of our continued
emphasis on managing costs and efficiencies internally,
which began in the first quarter of the last financial year,"
Apollo Tyres Chairman Onkar S Kanwar said.
Shares of Apollo Tyres were trading at Rs 53.25 on the
BSE, up 2.60 per cent from its previous close.