Apollo Tyres Sept Qtr Net at Rs 129.2 cr
New Delhi: Driven by the surge in volumes and contribution from European subsidiaries, Apollo Tyres on Tuesday reported a consolidated net profit of Rs 129.2 crore for the quarter ended September 30, 2009.
The company had a net profit of Rs 15.1 crore in the same
period last fiscal, Apollo Tyres said in a statement.
The company has completed the acquisition of Dutch tyre
manufacturer Vredestein Banden BV during the quarter under
consideration, which resulted into surge in both top line and
bottom line of the company, Apollo Tyres Chief Financial
Officer Sunam Sarkar said, adding "numbers are not comparable
with the corresponding fiscal last year".
It has reported sales of Rs 2,046.19 crore in the
September quarter, against Rs 1,262.1 crore in the same period
Apollo, however, said going forward, total revenues in the
current fiscal is expected to cross Rs 7,500 crore, which is
50 per cent higher than the previous fiscal`s Rs 5,000 crore.
Asked about the contribution from the European operations,
Sarkar said the growth in earnings would be driven by expected
surge in domestic auto sales, while sales in the European
market is not expected to go up significantly during the
current financial year.
The firm`s green field tyre manufacturing unit in Chennai
with a capacity of 4,500 tonnes per day will start commercial
operations by the end of the current year, Sarkar said.
Shares of Apollo Tyres were trading at Rs 55.20 on the
BSE, up 6.36 per cent.
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- DNA: Heart-wrenching reality of Kashmiri pandits
- Proud to be an Indian, no plans to leave the country, says Aamir Khan
- DNA: Bengaluru's Mount Carmel college students show country's ideology to Rahul Gandhi
- Rahul Gandhi's embarrassment in front of Bengaluru college students
- DNA: Aamir Khan clarifies his love towards nation but sticks to previous statement
- Intolerance issue: Proud to be Indian, won't leave country, says Aamir Khan
- WATCH: Rahul Gandhi asks 'Is Swachh Bharat working', Mount Carmel girls yell 'Yessss'
- Yuvraj Singh completes 8000 runs in first class cricket
- Katra helicopter crash: 'Dead pilot' Sumita Vijayan says she is alive
- Eat smart to slow down ageing and increase longevity!