Apollo Tyres reported a 46.05% jump in consolidated net profit to INR 77.77 crore for the quarter ended September 30 on the back of the robust performance of its European business. The company had posted a net profit of INR 53.25 crore for the corresponding period last year.

The company's consolidated net sales also increased by 47.32% to INR 2,871.24 crore during the second quarter from INR 1,948.92 crore in the year-ago period.

Mr Neeraj Kanwar MD of Apollo Tyres told PTI that "Our European operations, Vredestein, helped us a lot in maintaining our bottomline. Vredestein contributed with a profit of INR 55 crore.”

In contrast, Apollo Tyres' Indian operations were under pressure during the quarter due to high natural rubber prices. Mr Neeraj said that "The domestic rubber prices are around INR 210 to INR 220 per kg, while the imported rubber is INR 170 per kg. It affected our domestic margins.”

Mr Kanwar added that the weakening rupee has also impacted the company's margins.

(Sourced from PTI)