Apollo Tyres Q2 profit falls 43%

New Delhi: Apollo Tyres on Tuesday reported 43.15 per cent decline in its consolidated net profit at Rs 83 crore for the second quarter ended September 30, hit by weak performance in the domestic market.

The company had posted a net profit of Rs 146 crore for the July-September period of 2018-19. Net sales declined to Rs 3,926 crore during the second quarter as against Rs 4,192 crore in the year-ago period, Apollo Tyres said in a statement.

The tyre major said its European operations reported single-digit growth in revenue, both in the second quarter and in first half of the fiscal.

On the other hand, the domestic revenue was impacted by the slowdown in the Indian market, especially in the original equipment (OE) segment, it added.