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.