Apollo Tyres posts 32% decline in profit to Rs 337 crore in Q3

Apollo Tyres Ltd connected Thursday reported a 32 per cent diminution successful consolidated nett net to Rs 337 crore successful the December 4th with precocious earthy worldly outgo impacting margins.

The institution had posted a consolidated nett net of Rs 497 crore successful the aforesaid play of the past fiscal year, Apollo Tyres said successful a regulatory filing.

Consolidated gross from operations successful the 3rd 4th stood astatine Rs 6,927.95 crore arsenic against Rs 6,595.37 crore successful the year-ago period.

Total expenses successful the 4th were higher astatine Rs 6,467.4 crore arsenic compared to Rs 5,877.93 crore successful the year-ago period. Cost of materials consumed was astatine Rs 3,222.77 crore arsenic against Rs 2,884.63 crore, the institution said.

Commenting connected the performance, Apollo Tyres Chairman Onkar Kanwar said, "Under pugnacious marketplace conditions we person been capable to execute good successful the cardinal rider conveyance and commercialized conveyance replacement segments successful India. This show was somewhat negated by the sluggish OE segment." Europe, too, has performed successful enactment with the market, helium added.

"While the 3rd 4th witnessed an summation successful earthy worldly prices, impacting our margins, we spot a flattish inclination successful the existent quarter," Kanwar said.