Apollo Tyres on Friday reported a net profit of Rs.279 crore for the second quarter ended September 30, up eight per cent compared with Rs.258 crore in the corresponding period last year.
However, net sales of the company were down 11 per cent (year-on-year) to Rs.2,980 crore during the quarter against Rs.3,331 crore in July-September 2014, the company said.
The company said delayed onset of winter in Europe, which resulted in lesser-than-expected sales and pre-orders for winter tyres, adversely impacted the company’s European operations.
“In the July-September quarter, the truck-bus radials imports increased almost 100 per cent compared to the same period last year, of which, the economy/Chinese brands contributed nearly 90 per cent,” Onkar S Kanwar, Chairman, Apollo Tyres, said.
The problem of low-cost imports is putting at risk the entire ‘Make in India’ clarion call by the Indian Government, he said.
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