Apollo Tyres’ Q3 revenue up 10 percent on cost control, price hike
Apollo Tyres' Indian and European operations witnessed a growth of 11% each, in revenue, in the third quarter.
Apollo Tyres posted a 10 percent increase in revenue on a consolidated basis at Rs 5707 crores compared to Rs 5195 crores in Q3 FY2021. Net profit for Q3 came in at Rs 224 crores, as against Rs 444 crores in Q3FY2021.
Both the Indian and European operations witnessed a growth of 11% each, in revenue, in the third quarter, and the company plans to continue cost control measures and pricing actions.
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres said “Despite the headwinds, we have seen a healthy growth in the third quarter, contributed by a strong performance in the European Operations and Exports out of India. Considering the cost inflation, which is likely to continue in the near-term, we intend to take further pricing actions at the opportune time, along with other cost control measures. We continue to expand our product range and footprint across key markets, to align with the robust demand momentum going forward.”
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