Apollo Tyres, leading tyre maker, has reported a substantial jump of 95% in its unaudited net profit for the quarter ended June 30.

During the reporting quarter, the company has recorded unaudited net profit of Rs 94.67 crore. The company has ascribed this robust jump in net profit to its increased efficiency.

Apollo Tyres stated in a communiqué that it has clocked much higher profit compared to net profit of Rs 48.63 crore in the year-ago period. In the first quarter of previous fiscal, company's unaudited total income figure stood at Rs 1,075.86 crore. It has surged by 9.70% to Rs 1,180.26 crore for Q1 of current fiscal. In a separate release, Apollo Tyres has revealed its plan to pump Rs 800 crore this fiscal for ramping up its overall capacity to 1,200 tonnes per day from the existing 1,000 tonnes a day.

The company authorities said that most of the investment will go for operationalising company's plant located in Chennai for producing radial tyres.

It will start operations by December with initial production of 1,100 truck tyres per day and 600 car tyres a day. The company authorities further added that in coming 3-5 years, the capacity would be ramped up to 6,000 units of truck radials per day and 8,000 units of car radials a day.

Stock of Apollo Tyres ended the day in red at Rs 37, down 1.58% on National Stock Exchange (NSE). The counter clocked a volume of 9,431,249 shares on NSE.