Major tyre manufacturer Apollo Tyres saw its net profit more than double to Rs 397 crore during Q1FY24 compared to Rs 177 crore during Q1FY23. The company credited its European operations, which outperformed the industry in a challenging environment, for the rise, while in India the emphasis remained on higher-margin products and markets.
The company's operating revenue for the quarter rose 5% to close at Rs 6,245 crore as opposed to Rs 5,942 crore.
Commenting on the company’s performance in the first quarter, Onkar Kanwar, Chairman, Apollo Tyres said, “My compliments to the team in Europe for outperforming the market, despite the ongoing challenges. In India, we have done well in the key replacement market segment, while focusing on enriching our product and market mix for better profitability, from a long-term perspective. This, along with stable input costs has resulted in better margins in the past quarter.”