Apollo Tyres profit surges 155% to โ‚น444 cr.

Apollo Tyres Ltd has reported a 155% increase in consolidated net profit for the third quarter ended December to โ‚น444 crore on improved demand from original equipment manufacturers and replacement segments.

Sales grew 14% to โ‚น4,965 crore and operating profit by 91% to โ‚น1,053 crore.

Sales for Indian operations grew 20%. In Europe, despite sluggish demand environment, the company continued to make inroads in the premium segment, the company said in a regulatory filing.

โ€œThe announcement on scrappage policy, is going to be a boost for us going forward,โ€ said Onkar Kanwar, Chairman, Apollo Tyres.

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