Apollo Tyres shares zoom over 12 pc after encouraging Q3 earnings

Team Udayavani, Feb 4, 2021, 11:33 AM IST

Image posted on Official website

New Delhi: Shares of Apollo Tyres on Thursday jumped over 12 per cent after the company posted over two-fold increase in its consolidated net profit for the third quarter ended December.

The company’s stock zoomed 12.42 per cent to its one-year high of Rs 255.55 on the BSE.

At the NSE, it gained 12.42 per cent to 255.70 — its one-year high.

Apollo Tyres on Wednesday posted over two-fold increase in its consolidated net profit at Rs 444 crore for the third quarter ended December on the back of robust sales across domestic and international markets.

The company had reported a net profit of Rs 174 crore in the October-December period of the last financial year.

Sales during the period under review grew by 14 per cent to Rs 4,965 crore, as against 4,347 crore in the year-ago period, Apollo Tyres said in a statement.

“Our performance across geographies have been robust in the past quarter, and we continue to be extremely positive on the demand environment,” Apollo Tyres Chairman Onkar Kanwar said.