Apollo Tyres slips nearly 17pc
Tuesday, 10 February 2015
NEW DELHI, Feb 9 (Economic Times): Apollo Tyres Ltd plunged nearly 17 per cent in trade on Monday, after the tyre maker posted a 45.49 per cent decline in its consolidated net profit at Rs 1.84 billion for the third quarter ended December 31, hit by provisions made for its South African unit.
At 1.15 pm, Apollo Tyres was trading 12.28 per cent lower at Rs 187.20. It hit a low of Rs 178.05 and a high of Rs 205 in trade today.
At day's low, the scrip was quoting 16.56 per cent lower than its previous day's close of Rs 213.40.
The company had posted a net profit of Rs 3.38 billion for the same period of previous fiscal.
Net sales of the company declined to Rs 30.92 billion for the third quarter, as against Rs 34.75 billion during the same period of previous fiscal, Apollo Tyres Ltd said in a statement.
The company had initiated business rescue proceedings in the second quarter for its South African subsidiary, and the rescue plan was approved in November 2014, with the closure of the Durban plant, PTI reported.
On a standalone basis, the company posted a net profit of Rs 1.62 billion, up 46.81 per cent, as compared to Rs 1.10 billion in the same period of previous fiscal, added the report.
In a separate filing, Apollo Tyres said its board has approved the appointment of Raj Banerji as CFO in place of Sunam Sarkar, who moves to a new position of president and chief business officer.