Apollo Tyres Reports 78% Surge in Q3 Net Profit to ₹497 Crore on Global Product Mix Improvement

8 Feb 2024 , 10:55 AM

Apollo Tyres announced a 78% increase in consolidated net profit to ₹497 crore for Q3 of 2023-24 due to an enhanced product mix globally. In the same period last fiscal year, the company reported a net profit of ₹279 crore.

Revenue from operations grew by 3% to ₹6,595 crore compared to ₹6,423 crore in the corresponding period last year. Onkar Kanwar, Chairman of Apollo Tyres, highlighted the outperformance of their European Operations in the past quarter. Kanwar expressed optimism about the European market’s ongoing recovery, which bodes well for the company.

Apollo Tyres continues its journey towards higher return on capital employed (ROCE) and profitable growth, driven by improved product and market mix across regions and stable raw material prices.

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