Apollo Tyres lifts net profit 124%

The Board of Directors at Apollo Tyres Ltd. reports a 124 per cent increase in net profit during the three months to 30 June 2023, the first quarter of the company’s 2023-24 fiscal year. Chairman Onkar Kanwar credits the efforts of Apollo’s European business towards this result.

“My compliments to the team in Europe for outperforming the market, despite the ongoing challenges,” says Kanwar. “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.”

On a consolidated basis, Apollo Tyres achieved a revenue of Rs 62.45 billion (£592.9 million, US$754.4 million) in the quarter that ended 30 June 2023, a year-on-year increase of 5.1 per cent. Operating profit rose 52.3 per cent year-on-year, to Rs 10.51 billion (£99.8 million, $127.0 million). Net profit was up 124.3 per cent, to Rs 3.97 billion (£37.7 million, $48.0 million).

As Onkwar Kanwar mentions, the company’s European Operations “performed better than the market under a tough scenario” and increased revenues by 8.5 per cent year-on-year, while in India the focus remained on higher margin products and markets.

Read and download further information about Apollo Tyres’ Q1 2023-24 financial results here.