Net profit up 124% in Q1

Apollo Tyres’ net profit up 124% in the 1^st quarter

The Board of Directors of Apollo Tyres Ltd today approved the company’s unaudited results for the 1^st quarter of the financial year 2023-24.

For the quarter ended June 30, 2023 Apollo Tyres Ltd, on a consolidated basis, reported a revenue of Rs 6245 crores. Company’s European Operations performed better than the market under a tough scenario, while in India the focus remained on higher margin products and markets.

Quarter 1 Consolidated Performance Highlights

Q1 FY2023-24 (April – June) vs Q1 FY2022-23

Ø  Revenue from Operations for the quarter increased 5% to close at Rs 6245 crores, as against Rs 5942 crores

Ø  Operating profit was up 52% at Rs 1051 crores, as against Rs 690 crores

Ø  Net profit increased 124% to close at Rs 397 crores, as against Rs 177 crores in the last fiscal

Commenting on the company’s performance in the first quarter, Onkar Kanwar, Chairman, Apollo Tyres Ltd said, “My compliments to the team in Europe for outperforming the market, despite the ongoing challenges. In India we have done well in the key replacement market segment, while focusing on enriching our product and market mix for better profitability, from a long term perspective. This, along with stable input costs have resulted in better margins in the past quarter.”

Cross currency reference chart for key financials:

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