Apollo Tyres Q1 net up higher-than-expected 20% to Rs 166cr

Apollo Tyres , the largest tyre maker in India by revenues, showed higher-than-expected performance during April-June quarter as consolidated net profit grew by 20 percent year-on-year to Rs 166 crore.

Consolidated total income from operations rose just 0.8 percent to Rs 3,190 crore in first quarter from Rs 3,164.7 crore in a year ago period. Revenues from domestic and South Africa were largely flat while Europe's revenues increased to Rs 726.3 crore from Rs 654.54 crore Y-o-Y.

Analysts on an average had expected it to report net profit of Rs 121.5 crore on revenues of Rs 2,910 crore.

Earnings before interest, tax, depreciation & amortisation (EBITDA) increased 11.6 percent Y-o-Y to Rs 393 crore and operating profit margin jumped 120 bps Y-o-Y to 12.3 percent during the quarter while analysts estimated EBITDA at Rs 331 crore and margin at 11.3 percent.
 

The stock declined 4.51 percent to close at Rs 60.30 amid hefty volumes on the BSE.