Apollo Tyres: Q2 2018-19 financials

Sales and profits were higher year-on-year during the second quarter of Apollo Tyres’ 2018-29 financial year. The company reports a 23 per cent rise in sales, to Rs 41.92 billion (£447.8 million) in the three months to 30 September 2019. Operating profit rose 25 per cent during the quarter, to Rs 4.80 billion (£51.5 million), while net profit was, at Rs 1.46 billion (£15.6 million), four per cent higher than a year earlier.

“In a quarter, when our two plants were impacted by floods, we had to deal with transporter’s strike in India, and the volatile raw material prices, our teams across geographies have performed remarkably well,” said Onkar S Kanwar, chairman of Apollo Tyres Ltd. “We are looking forward to a similar growth momentum in the next few quarters as well.”

Revenue in Apollo Tyres’ European Operations rose 17 per cent in the second quarter, to Rs 11.81 billion (£126.2 million), while sales in its Indian Operations jumped 26 per cent.

Further information about Apollo Tyres’ latest financial results can be read here.