Apollo Tyres Hits 52-Week High As Profit More Than Doubles In December Quarter
Shares of tyre maker Apollo Tyres surged as much as 12.42 per cent to hit fresh 52-week high of Rs 255.55 on the BSE a day after it reported December quarter earnings. Apollo Tyres net profit during the October-December period more than doubled to Rs 444 crore as against profit of Rs 174 crore during the same quarter last year. On a sequential basis, Apollo Tyres swung to profit as it reported net loss of Rs 246 crore in September quarter.
Apollo Tyres revenue from operations rose 17 per cent to Rs 5,153 crore versus Rs 4,399 crore in the corresponding period a year ago. The topline performance was driven by strong demand recovery across segments in India and the growth was driven by strong growth in both replacement and original equipment maker (OEM) segments, Apollo Tyres said in an investors' presentation.
During the quarter Apollo Tyres secured business from Isuzu, Tata's Tipper ME exports and also became first company to start supplies of 16 inch radials to Tata and VE Commercial Vehicles, the company said in an investor presentation.
Almost all product segments posted double digit volume growth on an annual basis and company expects demand momentum to sustain going forward, Apollo Tyres said. The company's EBITDA margins or operating profit margins were supported by recovery in topline, lower raw material cost and control over fixed costs, it added.
As of 11:02 am, Apollo Tyres shares traded 8.64 per cent higher at Rs 246.95, outperforming the Sensex which was down 0.4 per cent.
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