India News | Apollo Tyres Q1 Net Dips 24 Pc at Rs 302 Cr
Get latest articles and stories on India at LatestLY. Apollo Tyres on Wednesday said its consolidated net profit declined by 24 per cent to Rs 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost.
New Delhi, Aug 7 (PTI) Apollo Tyres on Wednesday said its consolidated net profit declined by 24 per cent to Rs 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost.
The company had reported a net profit of Rs 397 crore in the April-June quarter of the last fiscal.
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Revenue from operations for the quarter under review stood at Rs 6,335 crore, as against Rs 6,245 crore in the year-ago period, Apollo Tyres said in a statement.
"Coming to our quarterly performance, the replacement and exports from India have witnessed a good growth, and we expect the same to continue in the coming quarters as well," Apollo Tyres Chairman Onkar Kanwar said.
Europe continues to perform well under current market conditions, he added.
Shares of the tyre-maker on Wednesday ended 1.04 per cent up at Rs 520.75 apiece on the BSE.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)