Apollo Tyres Ltd. posted net profit of nearly 3 billion rupees on net sales of 34.3 billion rupees for its third quarter ended Dec. 31, 2016. That compares to profit of 2.8 billion rupees on sales of 29.3 billion rupees for the third quarter of Apollo's 2015-2016 fiscal year.
Based on the exchange rate on Dec. 31, 2016, Apollo recorded net income of $43.5 million on net sales of $505.4 million for its third quarter of the 2016-2017 fiscal year. It's income-to-sales ratio was 8.6%.
Apollo's operating income for 3Q was up 4.9%, from 5.1 billion rupees a year ago to nearly 5.4 billion rupees ($79 million).
“We have been able to deliver positive numbers in spite of various external factors in the last few months," says Chairman Onkar S Kanwar. "While uncertainty around GST in India adversely impacted the commercial vehicle segment, the passenger vehicle segment witnessed a good growth. European Operations grew both in revenue and volume terms, and that too, faster than the industry.
"Having said that, the increasing rubber and other raw material prices in the last few months would be a challenge for us, and the industry, going forward.”
Apollo recorded net profit of nearly 8.7 billion rupees on net sales of 97.9 billion rupees for the first nine months of its latest fiscal year (April through December). That compares to profit of 8.5 billion rupees on sales of 87.4 billion rupees for fiscal year 2015-2016.
Nine month operating income totaled 15.8 billion rupees ($232.6 million), compared to 15.4 billion rupees in 3Q 2016-17.
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