Apollo Tyres' Q2 FY2019 profit at Rs 146 crore, up 4%

by Autocar Pro News Desk , 13 Nov 2018

The country's leading tyre manufacturer Apollo Tyres reported its Q2 FY2019 revenue of Rs 4,192 crore, up 23 percent YoY. The company reported a net profit of Rs 146 crore, an increase of 4 percent YoY.

According to Apollo Tyres' the domestic operations saw a robust 26 percent jump in sales, while the European operations grew by 17 percent in Q2 FY2019.

For the first half of the year (April – September 2018), the company reported revenue of Rs 8,442 crore, up 22 percent YoY. The net profit grew by 74 percent at Rs 398 crore (H1 FY2017: Rs 228 crore).

Commenting on the company’s performance Onkar S Kanwar, chairman, Apollo Tyres, said, “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. We are looking forward to a similar growth momentum in the next few quarters as well.”

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