Apollo Tyres on Wednesday said its consolidated net profit increased by 78 per cent to Rs 497 crore for the third quarter of 2023-24 on account of improved product mix across geographies.
The company reported a net profit of Rs 279 crore in the October-December quarter of FY23.
Revenue from operations rose by 3 per cent to Rs 6,595 crore in the period under review from Rs 6,423 crore in the year-ago period.
"Happy to share that our European Operations have outperformed the market once again in the past quarter," Apollo Tyres Chairman Onkar Kanwar said in a statement.
He further said: "Additionally, we are seeing further signs of recovery in the overall European market, which is a huge positive for us."
The company's journey towards higher ROCE and profitable growth continued with improved product and market mix across geographies, along with stable raw material prices, Kanwar noted.