Apollo Tyres Q3 net profit rises 84%

Apollo Tyres on Wednesday reported 84.21 per cent increase in its consolidated net profit at Rs 181 crore during the quarter ended December 31, 2012, from Rs 98 crore a year earlier.

“A judicious blend of product and customer mix along with softening raw material prices has help us to better profitability in such a difficult quarter,” an Apollo Tyres spokesman said.

Net income during the third quarter fell marginally to Rs 3,217.35 crore from Rs 3,228.24 crore in the year-ago period.

Onkar S Kanwar, Chairman, Apollo Tyres Ltd said that in India, demand in the commercial vehicle segment has been affected the most, while other sectors have not remained unscathed. He said that the company expects the passenger vehicle segment to recover in the next two quarters, while commercial vehicle sales will take more time to normalise.

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