Apollo Tyres Q3 Profit Jumps 78%, Propels Shares To Record High
The company's net profit surged 78.13% year-on-year to Rs 496.63 crore in the quarter ended December, according to an exchange filing.
Shares of Apollo Tyres Ltd. hit lifetime high on Thursday after its profit jumped in the third quarter.
The company's net profit surged 78.13% year-on-year to Rs 496.63 crore in the quarter ended December, according to an exchange filing.
Apollo Tyres Q3 Results Highlights (Consolidated, YoY)
Revenue up 2.68% at Rs 6,595.36 crore.
Ebitda up 32.26%at Rs 1,208.1 crore.
Margin up 409 bps at 18.31% vs 14.22%.
Net profit up 78.13% at Rs 496.63 crore.
Shares of the company rose as much as 1.03% to Rs 557.90 apiece, the highest level since its listing on May 31, 1995. It pared all gains to trade 1.58% lower at Rs 543.50 apiece as of 11:18 a.m. This compares to a 0.8% decline in the NSE Nifty 50 Index.
It has risen 63.31% in 12 months. The relative strength index was at 68.66.
Out of 28 analysts tracking the company, 17 maintain a 'buy' rating, eight recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.9%.