Apollo Tyres Ltd. on Wednesday reported a 24% year-on-year decline in net profit for the first quarter of this financial year, missing analysts' estimates.
The tyre-maker recorded a net profit of Rs 302 crore for the quarter-ended June, as compared to Rs 396.91 crore in the same quarter last year, according to its stock exchange notification. This was below the Rs 376-crore estimate by analysts tracked by Bloomberg.
Revenue increased by 1.4% year-on-year for the three months ended June, reaching Rs 6,334.85 crore. Analysts had projected revenue of Rs 6,332 crore.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, fell 14% year-on-year to Rs 909.26 crore. The Ebitda margin contracted to 14.4% from 16.8% in the same period the previous year. Analyst estimates for Ebitda and Ebitda margin tracked by Bloomberg were Rs 992 crore and 15.70%, respectively.
Shares of the company closed 0.94% higher at Rs 270.15 apiece, as compared to a 1.27% advance in the NSE Nifty 50. The stock has risen 14.77% year-to-date and 19.63% over the past 12 months.
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