Apollo Tyres today posted over two-fold jump in net profit to Rs 116.10 crore in the quarter ended March 31,2010. The city-based tyre maker had a net profit of Rs 46.10 crore in the quarter ended March 31,2009,Apollo Tyre said in a statement. "This is an impressive performance by the company. While India has led from the front,each of our operations has ensured a comeback after a hard year," Apollo Tyres Chairman Onkar S Kanwar said. During the quarter,the company's net sales surged 18 per cent to Rs 1,312.7 crore from Rs 1,110 crore recorded in the corresponding period in financial year 2009-10. For the year-ended March 31,2010,the company reported nearly five-fold jump in consolidated net profit to Rs 653.30 crore from Rs 139.10 crore posted in the year-ago period. During the period,the company's consolidated net sales rose to Rs 8,120 crore from Rs 4,984 crore in the previous fiscal. "While the overall demand scenario will continue to play a positive role in the growth of the tyre industry,the unsubstantiated rise in natural rubber prices of over 150 per cent in just 14 months is going to be a dampener and a huge challenge," he said.
