Apollo Tyres Q1 results: Net profit jumps to Rs 397 crore

Apollo Tyres on Thursday said its consolidated net profit increased over two-fold to Rs 397 crore for the June quarter on account of robust sales across markets.

The company had reported a net profit of Rs 177 crore in the April-June quarter of last fiscal.

Revenue from operations for the quarter increased 5 per cent to close at Rs 6,245 crore in the June quarter, as against Rs 5,942 crore in the year-ago period, Apollo Tyres said in a statement.

"My compliments to the team in Europe for outperforming the market, despite the ongoing challenges. In India, we have done well in the key replacement market segment, while focusing on enriching our product and market mix for better profitability, from a long-term perspective," Apollo Tyres Chairman Onkar Kanwar said.

This, along with stable input costs, has resulted in better margins in the past quarter, he added.