Apollo Tyres Q2 Results: Profit grows over 2.5 times to Rs 474 crore

8 Nov 2023 , 11:34 AM

Apollo Tyres announced on Tuesday that its consolidated net profit for the September quarter increased by more than 2.5 times to Rs 474.26 crore, mostly due to higher revenue and decreased raw material costs. At the same time in the previous fiscal year, Apollo Tyres reported a consolidated net profit of Rs 179.39 crore in a regulatory filing.

It further stated that the combined revenue from operations for the quarter under review was Rs 6,279.67 crore, compared to Rs 5,956.05 crore for the same period last year.

According to the corporation, the cost of materials used was less in the second quarter of the current fiscal year at Rs 2,634.92 crore than it was in the same time last year at Rs 3,101.56 crore.

It also stated that total expenses were less than a year earlier, at Rs 6,612.81 crore as opposed to Rs 5,724.66 crore.

‘Our operations have experienced positive revenue growth, and we are witnessing encouraging signs, particularly from India, indicating further demand improvement in the future,’ Onkar Kanwar, chairman of Apollo Tyres, stated.

‘We remain steadfast in our commitment to achieving profitable growth, aligned with our long-term vision,’ he stated.

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