Tremendous rise in Apollo Tires' stock, stock increased by 6 percent after quarterly results
On Tuesday, Apollo Tires announced the results of the second quarter of the current financial year i.e. from July to September. In this announcement, the company talked about its financial performance. In the September quarter, the company's profit increased by more than 2.5 percent to Rs 474.26 crore. Today the company's shares are trading with a rise of 6 percent.
Yesterday, Apollo Tires announced its September quarter results. After this announcement, the company's shares have been trading rapidly since this morning's trading session. The company's shares have seen a rise of more than 6 percent.
The stock rose 5.99 percent to Rs 408.40 on BSE. It jumped 6.36 percent to Rs 408.55 on NSE.
Apollo Tires reported more than two and a half times increase in consolidated net profit at Rs 474.26 crore in the September quarter. This is because of high revenues and low raw material costs. The company had posted a net profit of Rs 179.39 crore in the same period last fiscal, Apollo Tires said in a regulatory filing.
The company's revenue stood at Rs 6,279.67 crore, whereas it was Rs 5,956.05 crore in the year-ago period.
Omkar Kanwar, Chairman, of Apollo Tyres, said, “Our operations have experienced positive revenue growth, and we are seeing encouraging signs, particularly from India, indicating further improvement in demand in the future. In line with the vision, we remain steadfast in our commitment to achieve profitable growth.”
At the time of writing the news, Apollo Tires shares are trading at Rs 408.50 per share with a gain of 24.40 points or 6.35 percent.
