Apollo Tyres: Q1 2022-23 financial results

During the three months to 30 June 2022, Apollo Tyres Ltd. respectively recorded 38 per cent and 14 per cent year-on-year increases in its Indian and European operations. Total revenue from operations for this, the first quarter of the tyre maker’s 2022-23 financial year, amounted to Rs 59.42 billion (£614.72 million) and was 26.9 per cent higher than during the previous year’s first quarter.

Operating profit for the quarter increased 21.7 per cent year-on-year to Rs 6.90 billion (£71.38 billion), whilst net profit of Rs 1.91 billion (£19.76 million) was 49.2 per cent higher than a year earlier.

Commenting on the company’s Q1 2022-23 performance, Onkar Kanwar, chairman, Apollo Tyres Ltd said: “Both, Indian and European Operations have done well during the past quarter and reported strong topline growth, aided by the healthy demand across segments, especially passenger vehicle tyres. Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in Q1.”

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