Tyre manufacturer Apollo Tyres Ltd on Tuesday (November 7) reported a 165% year-on-year (YoY) jump in net profit at ₹473.3 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Apollo Tyres posted a net profit of ₹179.4 crore, the company said in a regulatory filing. The company's revenue from operations increased 5.4% to ₹6,279.6 crore against ₹5,956 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 62.9% to ₹1,159.8 crore in the second quarter of this fiscal over ₹711.9 crore in the corresponding period in the previous fiscal.

The EBITDA margin stood at 18.5% in the reporting quarter compared to 12% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

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The company said the cost of materials consumed was lower at ₹2,634.92 crore in the second quarter of the ongoing fiscal against ₹3,101.56 crore in the year-ago period. Total expenses were also lower at ₹6,612.81 crore versus ₹5,724.66 crore a year ago, it added.

"Our operations have experienced positive revenue growth, and, indicating further demand improvement in the future. We are witnessing encouraging signs, particularly from India," Apollo Tyres Chairman Onkar Kanwar said. "We remain steadfast in our commitment to achieving profitable growth, aligned with our long-term vision," he added.

The results came after the close of the market hours. Shares of Apollo Tyres Ltd ended at ₹385.30, down by ₹7.80, or 1.98%, on the BSE.

(Edited by : Shoma Bhattacharjee)