Company bucks the trend in the automotive sector

July 31, 2019

The Board of Directors of Apollo Tyres Ltd today approved the company’s unaudited results for the 1st quarter of the financial year 2019-20.

For the quarter ended June 30, 2019, Apollo Tyres Ltd, on a consolidated level, reported a profit of Rs 142 crores on the net sales of Rs 4272 crores. The net sales remained positive aided by growth in the replacement segment, both in commercial vehicle and passenger vehicle segment in India. While Indian Operations’ revenue was up 1% at Rs 3044 crore, European Operations’ revenue also grew 5% during the quarter.

Quarter 1 Consolidated Performance Highlights

Q1 FY2019-20 (April - June) vs Q1 FY2018-19

• Net sales reported was Rs 4272 crores as compared to Rs 4249 crores
• Operating profit closed at Rs 502 crores
• Net profit reported was Rs 142 crores for the first quarter of the fiscal

Commenting on the first quarter results, Onkar S Kanwar, Chairman, Apollo Tyres Ltd said, “Our teams have lived to the true ‘unstoppable’ spirit in the past quarter, and have bucked the trend in the automotive sector by posting positive sales numbers, despite the headwinds, especially in the Indian market. While the demand from the auto makers remained subdued, there was growth in the replacement market segment. Moving ahead, I am hopeful of the markets recovering and the sales bouncing back around the festive season in India. In Europe, we are performing better than the industry, which is likely to continue going forward as well.”

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