Apollo Tyres reports net profit of Rs 12.8 cr for Q1
on Thursday posted a consolidated net profit of Rs 12.8 crore for the June quarter on one-time
expense
of Rs 368.5 crore for the restructuring process.
The tyremaker reported a net profit of Rs 302 crore in the June quarter of last fiscal. Without exceptional item, the company said its net profit stood at Rs 381 crore.
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Revenue
from operations in the quarter rose to Rs 6,561 crore as compared with Rs 6,335 crore in the year-ago period, Apollo Tyres said in a statement.
Indian operations reported a steady growth in revenue, while European operations performed well under challenging conditions and in traditionally, one of their seasonally lower quarters, it added.
"This quarter's results reflect solid execution and a focus on profitable growth. It's encouraging to see Indian operations performing in line with expectations -- driven particularly by strong momentum in the aftermarket segment," Apollo Tyres Chairman Onkar Kanwar said.
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The results underscore the resilience of the company's
business
model and ability to create long-term value for shareholders, he added.
Shares
of the tyremaker ended marginally up at Rs 435.95 apiece on BSE.
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