Shares of Apollo Tyres Ltd. hit lifetime high on Thursday after its profit jumped in the third quarter.
The company's net profit surged 78.13% year-on-year to Rs 496.63 crore in the quarter ended December, according to an exchange filing.
Apollo Tyres Q3 Results Highlights (Consolidated, YoY)
Revenue up 2.68% at Rs 6,595.36 crore.
Ebitda up 32.26%at Rs 1,208.1 crore.
Margin up 409 bps at 18.31% vs 14.22%.
Net profit up 78.13% at Rs 496.63 crore.
Shares of the company rose as much as 1.03% to Rs 557.90 apiece, the highest level since its listing on May 31, 1995. It pared all gains to trade 1.58% lower at Rs 543.50 apiece as of 11:18 a.m. This compares to a 0.8% decline in the NSE Nifty 50 Index.
It has risen 63.31% in 12 months. The relative strength index was at 68.66.
Out of 28 analysts tracking the company, 17 maintain a 'buy' rating, eight recommend a 'hold,' and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 13.9%.
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