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Apollo Tyres Q2 net up 11% at ₹194 crore

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Apollo Tyres on Monday reported a consolidated net profit of ₹194 crore for the second quarter ended September 30, up 11 per cent year-on-year (y-o-y) compared with ₹174 crore in corresponding period last year.

The consolidated revenue from operations rose 17 per cent y-o-y to ₹5,956 crore (₹.5,077 crore).

Operating profit was up 12 per cent at ₹712 crore (₹638 crore). Both Indian and European operations witnessed healthy revenue growth in the second quarter, with Indian operations growing upwards of 16 per cent while European operations growing more than 30 per cent (in local currency terms), the company said in a statement.

Cost control

“We continued with our resolve towards profitable growth, despite the headwinds. Our cost control measures, and timely pricing actions, have helped maintain our profitability in a quarter where the raw material prices were at their peak,” Onkar Kanwar, Chairman, Apollo Tyres, said.

“While the demand situation in India remained subdued, in Europe our growth was better than the market. With raw material prices tapering off, there is some respite going forward,” he added.

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Published on November 14, 2022

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