Apollo Tyres Q3 net profit up 78 percent

Gurgaon, India – The Board of Directors of Apollo Tyres Ltd approved the company’s unaudited financial results for the 3rd quarter (Oct to Dec) and 9M (Apr to Dec) for the financial year 2023 – 24.

For the quarter ended December 31, 2023 Apollo Tyres Ltd, on a consolidated level, registered a revenue of Rs 6595 crores, an increase of 3% over the same period last fiscal. For the nine months of the fiscal (April – December), the company’s revenue closed at Rs 19,120 crores, an increase of 4% over the same period last fiscal.

Quarterly Consolidated Performance Highlights
Q3 FY2023-24 (Oct-Dec) vs Q3 FY2022-23
Revenue from operations was up 3% to close at Rs 6595 crores, as against Rs 6423 crores in Q3 FY23
Operating profit reported was Rs 1208 crores, as against Rs 913 crores
Net profit for Q3 was up 78% at Rs 497 crores, as against Rs 279 crores in the same period last fiscal

9 Months Consolidated Performance Highlights
9M FY 2023-24 (April-Dec) vs 9M FY 2022-23
Revenue from operations was up 4% to close at Rs 19,120 crores, as against Rs 18,321 crores in 9M FY23
Operating profit was up 48% at Rs 3419 crores, as against Rs 2315 crores
Net profit for 9 Months closed at Rs 1368 crores, as against Rs 636 crores in the same period last fiscal

Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “Happy to share that our European Operations have outperformed the market once again in the past quarter. Additionally, we are seeing further signs of recovery in the overall European market, which is a huge positive for us. Our journey towards higher ROCE and profitable growth continued with improved product and market mix across geographies, along with stable raw material prices.”