Apollo Tyres shares jump over 6% after remarkable Q2 show

New Delhi: Shares of Apollo Tyres on Wednesday jumped over 6 per cent after the company reported over two-and-a-half-fold rise in consolidated net profit for the September quarter.

The stock climbed 5.99 per cent to Rs 408.40 on the BSE.

At the NSE, it jumped 6.36 per cent to Rs 408.55.

Apollo Tyres on Tuesday reported over two-and-a-half-fold rise in consolidated net profit to Rs 474.26 crore for the September quarter, riding on higher revenue and lower raw material costs.

The company had posted a net profit of Rs 179.39 crore for the same period last fiscal, Apollo Tyres said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 6,279.67 crore as against Rs 5,956.05 crore in the year-ago period, it added.

"Our operations have experienced positive revenue growth, and we are witnessing encouraging signs, particularly from India, indicating further demand improvement in the future," Apollo Tyres Chairman Onkar Kanwar said.

"We remain steadfast in our commitment to achieving profitable growth, aligned with our long-term vision," he added.