Apollo Tyres reports 13 percent increase in revenue for third quarter

Gurgaon, India – The Board of Directors of Apollo Tyres approved the company’s unaudited financial results for the 3rd quarter (Oct to Dec) and 9M (Apr to Dec) for the financial year 2022 – 23.

For the quarter ended December 31, 2022 Apollo Tyres Ltd, on a consolidated level, registered a revenue of Rs 6423 crores, an increase of 13% over the same period last fiscal. For the nine months of the fiscal (April – December), the company’s revenue closed at Rs 18,321 crores, an increase of 19% over the same period last fiscal. While Indian Operations saw a 21% growth in revenue from operations in the 9 months of this fiscal, European Operations also grew in double digits in the first 9 months.

Quarterly Consolidated Performance Highlights
Q3 FY2022-23 (Oct-Dec) vs Q3 FY2021-22
Revenue from operations was up 13% to close at Rs 6423 crores, as against Rs 5707 crores in Q3 FY22
Operating profit reported was Rs 913 crores, as against Rs 743 crores
Net profit for Q3 closed at Rs 292 crores, as against Rs 224 crores in the same period last fiscal

9 Months Consolidated Performance Highlights
9M FY 2022-23 (April-Dec) vs 9M FY 2021-22
Revenue from operations was up 19% to close at Rs 18,321 crores, as against Rs 15,369 crores in 9M FY22
Operating profit reported was Rs 2315 crores, as against Rs 1948 crores
Net profit for 9 Months closed at Rs 677 crores, as against Rs 525 crores in the same period last fiscal

Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “The domestic demand has helped us tide over the recessionary trends elsewhere. Having said that, our European Operations have still outperformed the market in the first 9 months of this fiscal. Input costs eased to some extent in the past quarter, helping improve our margins. The demand momentum in the medium term, looks positive, while there may be some headwinds in the near term.”