Analysts believe that raw material price correction helped margins. Gross margin expanded to 40.1 percent in the March quarter, increasing 658 basis points from the year-ago period and 556 bps from the December quarter
The company had posted a consolidated net profit from continuing operations at Rs 149.39 crore in the same quarter last fiscal, MRF Ltd said in a regulatory filing.
Revenue from operations rose to Rs 767 crore in the period under review as compared with Rs 698 crore in the September quarter of the previous fiscal, Goodyear India said in a statement.
The company is holding hopes on the potential increase in exports and replacement market to de-risk its business
Tyre maker Ceat posted weak set of numbers in the third quarter with single digit margins for the first time in at least eight quarters. Company‘s Chief, Anant Goenka said higher commodity prices and demonetisation impacted the margins.
The company had posted a net profit of Rs 112.23 crore for the same period of previous fiscal.
Chennai-based MRF, the country‘s largest tyre maker by capacity, will invest Rs 4,500 crore in a green field manufacturing plant based in Gujarat.
The Tamil Nadu-based TVS Group, in a regulatory filing said, its standalone net profit stood at Rs 49.48 crore in the year-ago period.
Tyre maker Ceat today reported 17.38 per cent decline in consolidated net profit at Rs 93.07 crore for the first quarter ended June 30, 2016-17.
Net sales of the company rose to Rs 1,456.26 crore for the first quarter, as compared to Rs 1,453.10 crore during the same period of previous fiscal, Ceat Ltd said in a filing to the BSE.
MRF's first quarter net profit shot up 80 percent year-on-year to Rs 323.5 crore driven by strong operating income post fall in raw material cost.
For the year ended September 2013, the company recorded a 40 percent growth in net profit at Rs 802.21 crore and 2.2 percent growth in net sales at Rs 12,122.8 crore as compared to previous year.
The management of Apollo Tyres defended its decision to buy Cooper Tire & Rubber Co for USD 2.5 billion. The management also said it is not unduly perturbed by the investigation ordered by a shareholding litigation firm in the US into Cooper‘s stake acquisition.
Germany's Continental AG said on Wednesday its India arm plans to invest over 50 million euros to expand tyre capacity in the world's second fastest growing major auto market.
