Apollo Tyres shares fall over 3 pc as Q2 profit declines

Shares of Apollo Tyres on Tuesday fell over 3 percent after the company reported a 43.15 percent decline in consolidated net profit for the September quarter. The stock closed 2.91 percent lower at Rs 180.25 on the BSE. During the day, it declined by 4.12 percent to Rs 178.

On the NSE, it dropped 3.36 percent to close at Rs 179.30. Apollo Tyres on Tuesday reported a 43.15 percent decline in consolidated net profit to Rs 83 crore for the second quarter ended September 30, hit by weak performance in the domestic market.

The company had posted a net profit of Rs 146 crore for the July-September period of 2018-19. Net sales declined to Rs 3,926 crore during the second quarter as against Rs 4,192 crore in the year-ago period, Apollo Tyres said in a statement.

The tire major said its European operations reported single-digit growth in revenue, both in the second quarter and in the first half of the fiscal. On the other hand, the domestic revenue was impacted by the slowdown in the Indian market, especially in the original equipment (OE) segment, it added.