Apollo Tyres Limited reported its third-quarter results on the evening of February 6. The company's net profit slipped nearly 33 percent to Rs 337 crore lower than the Rs 497 crore reported in the same quarter last year.
However, the company's revenue from operations stood at Rs 6,829, higher by 5 percent from the same period of the previous fiscal. In Q3 FY24, Apollo Tyres clocked Rs 6,595 crore in revenue, its latest exchange filing shows.
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The company's EBITDA also nosedived almost 22 percent to Rs 947 crore from Rs 1,208 crore, it said in a regulatory filing. Its EBITDA margin witnessed a sharp contraction to 13.7 percent down from 18.3 percent reported in the year ago period. EBITDA stands for earnings before interest, tax, depreciation and amortization.
Apart from Q3 earnings, Parmeshwaran Iyer has been appointed as the Chief Supply Chain Officer of the company, effective immediately. His appointment, as a Senior Management Personnel, comes upon the recommendation of the Nomination and Remuneration Committee.
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Apollo Tyres Limited is an Indian multinational tyre manufacturing company headquartered in Gurugram, Haryana. It was incorporated in 1972, and its first plant was commissioned in Perambra in Thrissur, Kerala. The company now has five manufacturing units in India, one in the Netherlands and one in Hungary.
Apollo Tyres shares closed at Rs 416, lower by 0.9 percent from the last close on the NSE. Apollo Tyres' stock price has been on a sticky patch, cracking 16 percent in the last month.
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