Apollo Tyres today reported 45.98 per cent decline in consolidated net profit at Rs 140.17crore for the second quarter ended September 30 hit by higher raw material costs.
The company had posted a consolidated profit after tax of Rs 259.52 crore in the same quarter last fiscal, Apollo Tyres said in a statement.
Sales during the period under review stood at Rs 3,418.01 crore. It was Rs 3,293.72 crore in the year-ago quarter. The figures are, however, not comparable due to GST implementation in July this year, it added.
Apollo Tyres Ltd Chairman Onkar S Kanwar said, "While our revenues have grown, our margins have been under pressure due to the higher raw material prices, up nearly 15 per cent versus Q2 last year."
With several capacity expansion projects currently underway for the company, it is looking forward to a healthy growth in the coming quarters, he added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)