Apollo Tyres Ltd posted 16% rise in sales to Rs46.55 billion for the third quarter of 2018 (October to December), as against Rs40.16 billion in the year-ago quarter. Net profit closed at Rs 1.98 billion, as compared to Rs 2.45 billion, while EBITDA increased 33% to close at Rs 16.09 billion, in comparison to Rs 12.09 billion.
The sales for the nine months (April to December) of FY19 was up 22.5% to close at Rs 130.97 billion, as against Rs 106.92 billion. Net profit reported was Rs 5.96 billion, up 26%, as against Rs 4.74 billion. EBITDA increased 33% to close at Rs 16.09 billion, in comparison to Rs 12.09 billion.
The company witnessed double-digit growths both in the Indian, as well as, in the European Operations in the 3rd quarter and for the nine months of FY19.
Commenting on the company’s performance in the thid quarter, Onkar S Kanwar, Chairman, Apollo Tyres Ltd, said: “While our volumes have increased across segments and geographies, the margins were impacted due to the lag effect of the increase in raw material prices, especially crude-based ones, in the previous quarters. Comparatively, this quarter looks better, as the raw material prices have eased to some extent. In the current quarter, we are already witnessing an uptick in demand, and are hopeful of reporting a healthy growth.”