Apollo Tyres has posted a decline of 36.84%YoY in the consolidated net profit for the quarter ended December 31st 2010 at INR 540.99 million. During the quarter, the company reported net sales increase of 3.04%YoY to INR 23.70 billion for the quarter ended December 31st 2010.

On standalone basis, the company has posted a decline of 46.98% YoY in the net profit for the quarter ended December 31st 2010 at INR 540.99 million. During the quarter, it reported total income has increased 8.42% YoY to INR 14.35 billion for the quarter ended December 31st 2010.

Speaking on the results Mr Onkar S Kanwar chairman of Apollo Tyres said that “It has been 9 months of investments, planning and fine tuning our products and strategies. The effect of a 70% rise in natural rubber prices in the past year, shows clearly in our results for this period. Despite this, all Operations have continued to grow. As a company we continue to seek ways to move beyond the prevailing adverse business conditions and concentrating on newer markets and to provide our customers with better products that match their evolving needs.”