Leading tyre manufacturer of the country, Apollo Tyres has announced its first quarter financial results for the fiscal year 2010-11. According to the company, it has managed to register a marginal net profit rise in the quarter under review.

Apollo Tyres has posted flat consolidated net profit of Rs 74.20 crore for the quarter that ended in 30th June, 2010. The company has registered a net profit of Rs 73.82 crore in the similar quarter in the previous year. Apollo Tyres has informed this in a filing at the Bombay Stock Exchange.

According to the company officials, high raw material prices have been the major cause of the marginal net profit hike. Moreover, locked-out Perambra unit in Kerala of the firm is another reason of such result.

However, the total income of the company has gone up by 11.35% and has touched Rs 1,820.69 crore during the April-June quarter of fiscal year 2010-11.

The total income of the company was reported to be Rs 1,635.12 crore for the corresponding quarter in the preceding year.