BENGALURU, Nov 7 (Reuters) - Indian tyre maker Apollo Tyres Ltd. (APLO.NS) reported a better-than-expected second-quarter profit on Tuesday, boosted by higher auto sales and lower input costs.
Consolidated profit more than doubled to 4.74 billion rupees ($56.94 million) for the quarter ended Sept. 30 from 1.79 billion rupees a year earlier.
Analysts, on average, had expected a profit of almost 4.33 billion rupees, according to LSEG data.
Revenue from operations rose over 5% to 62.8 billion rupees, with revenue in the APMEA (Asia Pacific, Middle East and Africa) segment, the largest contributor to revenue, rising 4.5% to 44.73 billion rupees.
Apollo peers MRF Tyres (MRF.NS) and Goodyear India (GDYR.NS) also logged profit jumps on the back of higher demand and easing costs.
Persons:
MRF, Meenakshi Maidas, Janane
Organizations:
Apollo Tyres Ltd, Consolidated, of Automobile Dealers Association, Goodyear, Apollo Tyres, Thomson
Locations:
BENGALURU, Asia, Middle East, Africa, Goodyear India, Bengaluru