 "cash, currency, notes, funds, investment, shares, growth, profit, loss, tax, money, income, earnings")
Don't want to miss the best from Business Standard?
BENGALURU (Reuters) - Steel tube maker APL Apollo Tubes Ltd reported a smaller-than-expected rise in quarterly profit on Thursday, hurt by higher raw material costs.
The company said its consolidated profit rose 32% to 1.69 billion rupees ($20.61 million) for the third quarter ended Dec. 31, from 1.28 billion rupees a year earlier.
Analysts, on an average, had expected a profit of 1.78 billion rupees, according to IBES data from Refinitiv.
The company recorded its biggest-ever quarterly sales, while total expenses jumped 34% to 41.01 billion rupees, mainly due to a surge in material costs.
Apollo Z, the company's rust-proof structures segment and its second-biggest business, posted a 7% drop in sales volume.
Also Read
Total revenue from operations climbed 34% to 43.27 billion rupees billion rupees, led by higher volumes at Apollo Structurals.
Apollo's shares were up about 2% in afternoon trading.
They climbed 9.2% last year, underperforming a 21.8% increase in India's Nifty Metal index.
($1 = 81.9930 Indian rupees)
(Reporting by Ashna Teresa Britto; Editing by Sohini Goswami)
Make smarter market moves with The Smart Investor. Daily insights on buzzing stocks and actionable information to guide your investment decisions delivered to your inbox.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
