Apollo Tyres more than doubled its profit in Q3 FY2021 to Rs 444 crore compared to Rs 174 crore in Q3 FY2020 on the back of strong sales across global markets. The sales in Q3 grew 14 percent to Rs 4,965 crore (Q3 FY202 sales at Rs 4,347 crore).
The operating profit for the tyre maker was up 91 percent at Rs 1,053 crore in Q3 FY2021 from Rs 551 crore in Q3 FY2020.
Speaking about the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres said, “Our performance across geographies, have been robust in the past quarter, and we continue to be extremely positive on the demand environment."
The company is also upbeat about its future plans and the outlook going forward. Kanwar added, "Given our planned investments in capacity, R&D, brand and distribution, along with our cost optimisation programme, we are extremely well placed to leverage demand recovery across segments and geographies. Also, the Indian government turning to expansionary mode in FY2022 Budget, with a clear focus on growth and the announcement on scrappage policy is going to be a boost for us going forward.”
The Apollo Tyres stock responded positively to the results in early Thursday trade. Even over a 6-month period, Apollo Tyres is up 110 percent and over 12 months, up by over 50 percent.