Chennai, Aug 11 (IANS): Tyre major Apollo Tyres Ltd on Tuesday said it posted a consolidated net profit of Rs.291 crore for the first quarter of the current fiscal.
The company said in a statement that on a consolidated level, the net profit for the quarter ended June 30 stood at Rs.291 crore, up from Rs.228 crore for the corresponding period the previous fiscal.
The company's net sales for the period under review stood at Rs.2,832 crore, down from Rs.3,223 crore for the quarter ended June 30.
The company said its European operations reported flat revenue growth, and the increasing imports of commercial vehicle tyres into the country adversely affected Indian operations.
More than 30 percent of the demand for truck-bus radials from the replacement market in India is being met by these imported tyres, which are mostly from China.