Apollo Tyres’ Profits Fall, Margins Shrink In Second Quarter
Net profit fell to Rs 260 crore from Rs 280.1 crore on a year-on-year basis.
Apollo Tyres Ltd. reported a 7.2 percent decline in its profit in the second quarter of the current financial year, in line with street estimates.
The tyre manufacturer's net profit in the July-September quarter fell to Rs 260 crore from Rs 280.1 crore in the corresponding quarter of the previous year, it said in a stock exchange filing. The consensus of analyst estimates tracked by Bloomberg stood at Rs 258 crore.
Revenue during the second quarter increased 1.4 percent to Rs 3,293.7 crore from Rs 3,247.7 crore in the same quarter last year. A Bloomberg poll of analyst estimates had pegged the revenue at Rs 3,064.3 crore.
Earnings before interest, taxes, depreciation and amortisation fell 9.8 percent to Rs 438.3 crore from Rs 486.4 crore year on year. The EBITDA margin contracted 160 basis points to 13.2 percent.
The stock was trading 0.86 percent lower at Rs 196 per share at 3:09 pm on the Bombay Stock Exchange.