Latest News | Apollo Tyres' Net Profit Declines 50 Pc to Rs 224 Cr in Dec Quarter

New Delhi, Feb 2 (PTI) Apollo Tyres on Wednesday said its consolidated net profit declined 49.54 per cent to Rs 224 crore in the third quarter ended December 31, 2021.

The company had posted a consolidated net profit of Rs 444 crore in the corresponding period last year.

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Its revenue from operations, however, increased 10 per cent to Rs 5,707 crore as against Rs 5,195 crore in the third quarter of FY21, Apollo Tyres said in a statement.

"Despite the headwinds, we have seen healthy growth in the third quarter, contributed by a strong performance in the European operations and exports out of India.

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"Considering the cost inflation, which is likely to continue in the near term, we intend to take further pricing actions at the opportune time, along with other cost control measures," Apollo Tyres Chairman Onkar Kanwar said.

The company continues to expand its product range and footprint across key markets, to align with the robust demand momentum going forward, he added. HRS hrs

(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)