Apollo Tyres reports 78% jump in net profit to Rs 497 crore in Q3FY24

Apollo Tyres's net profit for Q3 FY24 jumped by 78% to Rs 497 crore, as against Rs 279 crore in the same period last fiscal. The operating revenue, however, was up by 3% to close at Rs 6595 crore, as against Rs 6423 crore in Q3 FY23, the company reported in a regulatory filing.

Onkar Kanwar, Chairman, Apollo Tyres Ltd., said, “Happy to share that our European operations have outperformed the market once again in the past quarter. Additionally, we are seeing further signs of recovery in the overall European market, which is a huge positive for us. Our journey towards higher ROCE and profitable growth continued with improved product and market mix across geographies, along with stable raw material prices.”

Apollo Tyres boasts of having multiple manufacturing units in India and a unit each in the Netherlands and Hungary. The company markets its products under its two global brands, Apollo and Vredestein, and its products are available in over 100 countries through a vast network of branded, exclusive, and multi-product outlets.