Apollo Tyres on August 12 reported a 30 percent growth in its consolidated revenue at Rs 5,942 crore for the first quarter of the current financial year (Q1FY23), as against Rs 4,584 crore logged in the corresponding period last year.
The Gurgaon-based tyremaker’s net profit increased 49 percent to Rs 191 crore, as against Rs 128 crore registered in the year-ago period. Its operating profit increased by 22 percent to Rs 690 crore, as against Rs 567 crore logged in the year-ago period.
Apollo Tyres, in its exchange filing, said that both domestic and European Operations performed well, with their revenues from operations increasing 38 percent and 14 percent, respectively, as compared to the first quarter of last fiscal.
Commenting on the company’s performance in the first quarter, Onkar Kanwar, Chairman, Apollo Tyres Ltd. 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.”Apollo Tyres had earlier told Moneycontrol.com that it will invest Rs 900 crore as capital expenditure this financial year, out of which a large chunk would be used for the completion of the Andhra Pradesh greenfield plant, and the balance towards maintenance and de-bottlenecking of existing facilities. The company has also reaffirmed its target to clock a $5 billion turnover by FY2025-26, out of which its domestic and overseas markets will continue to contribute around 65 percent and 35 percent, respectively.