Leading tyre manufacturer, Apollo Tyres has reported its financial result for the quarter ended June 30, 2020 and reported revenue of Rs 2,828 crore, down 34 percent YoY. The company says while the pandemic deeply impacted its operations across geographies in Q1 FY2021, it still recorded its highest ever sales in the replacement market in India in June.
During the quarter the company reported a net loss of Rs 135 crore (-195%), as against a profit of Rs 141 crore for the same period last year. In terms of its global business, Apollo Tyres states that its European operations was better than the industry performance, despite the pandemic related challenges across different countries.
Commenting on the first quarter results, Onkar S Kanwar, chairman, Apollo Tyres said, “The teams across geographies have shown tremendous resilience amidst the pandemic, and have adopted to the new normal for business continuity. Keeping the Apollo Family safe is our primary concern during these trying times. While the first half of the first quarter was almost a complete washout, our performance has been excellent since the markets opened up, especially in the replacement market. While the uncertainty will continue, and we will have to find opportunities for growth, I am hopeful of the markets further recovering and the sales bouncing back around the festive season in India. In Europe, we are performing better than the industry, which is likely to continue going forward as well.”
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