Q2 and H1 results

Apollo Tyres continues with its resolve of profitable growth

The Board of Directors of Apollo Tyres today approved the company’s unaudited financial results for the 2^nd quarter (July to Sept) and H1 (Apr to Sept) for the financial year 2023 – 24.

For the quarter ended September 30, 2023 Apollo Tyres Ltd, on a consolidated level, registered a revenue of Rs 6,280 crores, an increase of 5% over the same period last fiscal. For the six months of the fiscal (April – September), the company reported a revenue of Rs 12,524 crores, an increase of 5% over the same period last fiscal. Positive revenue growth was reported, especially from Indian Operations, in the second quarter, and in the first half of the fiscal year.

Quarterly Consolidated Performance Highlights

Q2 FY2023-24 (July – Sept) vs Q2 FY2022-23

·       Revenue from operations was up 5% to close at Rs 6,280 crores, as against Rs 5,956 crores in Q2 FY23

·       Operating profit reported was up 63% at Rs 1,160 crores, as against Rs 712 crores

·       Net profit for Q2 closed at Rs 474 crores, up 164%, as against Rs 179 crores in the same period last fiscal

Half Yearly Consolidated Performance Highlights

H1 FY 2023-24 (April-Sept) vs H1 FY 2022-23

·       Revenue from operations was up 5% to close at Rs 12,524 crores, as against Rs 11,898 crores in H1 FY23

·       Operating profit reported was Rs 2,211 crores, up 58%, as against Rs 1,402 crores

·       Net profit was up 144% to close at Rs 871 crores, as against Rs 357 crores in the same period last fiscal

Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “We remain steadfast in our commitment to achieving profitable growth, aligned with our long-term vision. Our Operations have experienced positive revenue growth, and we are witnessing encouraging signs, particularly from India, indicating further demand improvement in the future.”

Cross currency reference chart for key financials:

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