Gurugram-based tyre manufacturer has revealed a remarkable third-quarter profit helped by strong demand from OEMs and price corrections.
Apollo Tyres has reported in a regulatory filing that the company’s standalone net profit for the quarter ended December 2022 has increased more than twofold to Rs 138 crore from the year-earlier period on strong performance. Revenue from operations was up 13 percent to close at Rs 6,423 crores, as against Rs 5,707 crores in Q3 FY22
On the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres said “The domestic demand has helped us tide over the recessionary trends elsewhere.”
The tyre maker’s overseas business unit has also done well. “Our European operations have still outperformed the market in the first nine months of this fiscal. Input costs eased to some extent in the past quarter, helping improve our margins. The demand momentum in the medium term looks positive, while there may be some headwinds in the near term,” added Kanwar.
The company’s revenue closed at Rs 18,321 crores, an increase of 19 percent over the same period last fiscal. While Indian operations saw a 21 percent growth in revenue from operations in the 9 months of this fiscal, European Operations also grew in double digits in the first 9 months.
Meanwhile, shares of Apollo Tyres closed at Rs 331.35 on the BSE on Thursday, up 0.50 per cent.
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