Apollo Tyres Q3 PAT declines by 50% yoy to Rs223.50cr, gains market share in key focus segment

3 Feb 2022 , 01:39 PM

Apollo Tyres Ltd. announced its results for Q3 FY’22 on Thursday and reported minor dents in the overall financial performance of the company. It has reported a marginal growth of 10% YoY in revenues at Rs 5,707.50 crore for the quarter ended December 2021, as against Rs 5,194.70 crores for the previous corresponding quarter.

Consolidated revenue for the 9M period ended December 2021 stood at Rs 15,369.30 crore against Rs 12,371.30 crore in the previous corresponding period, registering a growth of 24% YoY. The company’s consolidated PAT stood at Rs 525 crore against Rs 62.90 crore for Q3 FY’21, registering a growth of 735% YoY.

The company reported an EBITDA of Rs 742.90 crore for Q3 FY’22 against Rs 1,030.20 crore for Q3 FY’21, shedding 28% YoY. While EBITDA has been increased by 16% over the last quarter’s EBITDA at Rs 638 crore. Its EBITDA margin for Q3 FY’22 narrowed to 13% against 19.8% in the previous corresponding period.

PAT stood at Rs 223.50 crore for the quarter ended December 2021 against Rs 443.80 crore for the previous corresponding quarter, sinking 50% YoY. However, PAT has grown over the last quarter by 28.70%. PAT margin narrowed significantly to 3.9% for the current quarter against 8.5% for the previous corresponding quarter.

Apollo tyres informed investors that on the European market’s front, it has gained market share in key focus segments and despite cost-push, it reported healthy operating performance in the quarter. It also expects the demand momentum to remain strong ahead of this quarter as well, provided covid strains do not create any further disruptions in the economy.

On the domestic front, the quarter started on a positive note, however, growth slowed down in the last two months due to muted CV demand, chip shortage, elevated fuel costs, and weak Agri segment.

Apollo Tyres is currently trading at Rs224.45 down by Rs1.05 or 0.47% from its previous closing of Rs225.50.