Apollo Tyres today reported revenue of Rs 4,655 crore for Q3 FY 2019, up 16 percent, and net profit at Rs 198 crore, down 19 percent compared to same period last year. The sales for the first nine months of FY 2019 (April to December 2019) was Rs 13,097 crore, up 22.5 percent YoY and reported profit of Rs 596 crore (+26%).
The company says it witnessed double-digit growth both in the Indian as well as in its European operations in Q3 and during the first nine months of FY2019.
Commenting on the company’s performance in Q3 FY2019, Onkar S Kanwar, chairman, Apollo Tyres said, “While our volumes have increased across segments and geographies, the margins were impacted due to the lag effect of the increase in raw material prices, especially crude-based ones, in the previous quarters. Comparatively, this quarter looks better, as the raw material prices have eased to some extent. In the current quarter, we are already witnessing an uptick in demand, and are hopeful of reporting a healthy growth.”