The turnover, however, slipped to Rs 2,832 crore as against Rs 3,223 crore in the same period
Representational image
KOCHI: Apollo Tyres Ltd has posted a net profit of Rs 291 crore in the first quarter of 2015-16 financial year, up 27 per cent compared with Rs 228 crore in the same period a year ago. The turnover, however, slipped to Rs 2,832 crore as against Rs 3,223 crore in the same period, a release said on Tuesday.
The turnover was hit by the flat growth in revenue in Europe while increasing imports of commercial vehicle tyres into the country have hit domestic revenue, a statement issued by the company said.
“In a slow-growth market across geographies, further marred by unregulated imports of tyres in India, we have invested to capitalise on future opportunities,” said Onkar S. Kanwar, chairman of the company.
( Source : deccan chronicle )
Next Story
