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Apollo Tyres Consolidated Net Profit For The Second Quarter On A Rise

TNI || New Delhi || 1st Nov 2021

Endurance Rat

India’s leading tyre manufacturer, Apollo Tyres, has posted a consolidated net profit of INR 174 crore for the quarter ending 30th September.

It is because of the rising domestic and international sales and, of course, the company’s long-standing commitment to delivering quality.

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It is indeed a piece of great news for the tyre manufacturer as last year, during a similar period, the company had reported a loss of INR 246 crore.

Notably, the revenue from operations rose to INR 5077 crore compared to the previous year where it was INR 4295 crore.

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According to the Chairman, Apollo Tyres, Omkar Kanwar, there is a robust demand that has been seen for their quality products which is quite visible in their healthy revenue growth in the first half of the fiscal.

Certain recent additions have taken place in their product line and which is what has extended their lead in the commercial and passenger vehicle space in the country.

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Kanwar added that the pressure on the margin continues, which is due to the rising price of the raw materials despite them making multiple price corrections during the last few months.