Apollo Tyres: Raw material prices drags profit down 72%
High raw material prices strongly influenced the bottom line at Apollo Tyres Ltd in the three months to 30 June 2017. Although net sales, at Rs 32.58 billion (£391.0 million), were in line with those achieved in the corresponding quarter a year earlier, operating profit declined 50.3 per cent to Rs 2.82 billion (£33.8 million) and net profit was down 72.0 per cent to Rs 880.3 million (£10.6 million).