Apollo Tyres Q2 cons net slides on high rubber, crude

Apollo Tyres on Thursday reported a steep fall in second quarter profit despite a rise in sales as it was not able to pass on high raw material prices.

Apollo Tyres, India’s second largest tyre company, saw profits falling nearly 74 per cent as high costs of natural rubber and firm crude prices gnawed into margins.

The company posted a consolidated net profit of 151 mn rupees on sales of 12.6 bn rupees in the quarter. This compares with a profit of 576 mn rupees on sales of 10.8 bn rupees in the same period a year ago. More
Courtesy: economictimes.indiatimes.com

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