Apollo Tyres Q3 net profit zooms over two-fold to Rs 444 cr

Apollo Tyres on Wednesday posted over two-fold increase in its consolidated net profit at Rs 444 crore for the third quarter ended December on the back of robust sales across domestic and international markets.

The company had reported a net profit of Rs 174 crore in the October-December period of the last financial year.

Sales during the period under review grew by 14 per cent to Rs 4,965 crore, as against 4,347 crore in the year-ago period, Apollo Tyres said in a statement.

''Our performance across geographies have been robust in the past quarter, and we continue to be extremely positive on the demand environment,'' Apollo Tyres Chairman Onkar Kanwar said.

Given the company's planned investments in capacity, R&D, brand and distribution, along with cost optimisation programme, it is extremely well placed to leverage demand recovery across segments and geographies, he added.