Apollo Tyres Ltd has reported a 155% increase in consolidated net profit for the third quarter ended December to ₹444 crore on improved demand from original equipment manufacturers and replacement segments.
Sales grew 14% to ₹4,965 crore and operating profit by 91% to ₹1,053 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.
“The announcement on scrappage policy, is going to be a boost for us going forward,” said Onkar Kanwar, Chairman, Apollo Tyres.