Apollo Tyres’ revenue up 30% in Q1 FY2023
Tighter control on costs and timely pricing actions helped tide over continued increase in raw material prices
The Board of Directors of Apollo Tyres has announced and approved the company’s unaudited results for the first quarter of the financial year FY2023.
For the quarter ended June 30, 2022 Apollo Tyres, on a consolidated basis, reported a revenue of Rs 5,942 crore. Both, Indian and European operations performed well, with their revenues from operations increasing 38% and 14% respectively, as compared to the first quarter last fiscal.
While revenue from operations for the quarter increased 30% to close at Rs 5,942 crore (Q1 FY2022: Rs 4,584 crore), operating profit was up 22% at Rs 690 crore (Q1 FY2022: Rs 567 crore) and net profit increased 49% to Rs 191 crore (Q1 FY2022: Rs 128 crore). Commenting on the company’s performance in Q1 FY2023, Onkar Kanwar, Chairman, Apollo Tyres said, “Both, Indian and European Operations have done well during the past quarter and reported strong topline growth, aided by the healthy demand across segments, especially passenger vehicle tyres. Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in Q1.”
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