New Delhi : Apollo Tyres’ consolidated net profit doubled to Rs 281.62 crore in the quarter ended March 31, mainly on account of increased sales. Profit was Rs 141.05 crore in the corresponding quarter of the previous financial year, Apollo Tyres said in a filing to the BSE.
Consolidated total income rose to Rs 3,229.27 crore from Rs 3,041.99 crore a year earlier, it added. The board approved setting up a facility in Eastern Europe costing about 500 million euros over four years. “We are aggressively pursuing organic growth opportunities,” Apollo Tyres Chairman Onkar S Kanwar said. “Considering the increased demand for our tyres in Europe, along with capacity constraints in our existing facility in Enschede, the Netherlands, has made us prioritise our investment into a greenfield facility in the region.” Consolidated net profit for the financial year ended March rose to Rs 1,005.05 crore from Rs 613.80 crore in the previous financial year. Apollo Tyres said its board recommended a final dividend of Re 0.75 per share on equity shares of Re 1 each for the year.