Apollo Tyres reports positive revenues for first half and second quarter

Gurgaon, India – The Board of Directors of Apollo Tyres approved the company’s unaudited financial results for the 2nd quarter (July to Sept) and H1 (Apr to Sept) for the financial year 2022 – 23.

For the quarter ended September 30, 2022 Apollo Tyres Ltd, on a consolidated level, registered a revenue of Rs 5956 crores, an increase of 17% over the same period last fiscal. For the six months of the fiscal (April – September), the company’s revenue closed at Rs 11,898 crores, an increase of 23% over the same period last fiscal. Both Indian and European Operations witnessed a healthy revenue growth in the second quarter, with Indian Operations growing upwards of 16% while European Operations growing more than 30% (in local currency terms).

Quarterly Consolidated Performance Highlights
Q2 FY2022-23 (July – Sept) vs Q2 FY2021-22 – Revenue from operations was up 17% to close at Rs 5956 crores, as against Rs 5077 crores in Q2 FY22. Operating profit reported was up 12% at Rs 712 crores, as against Rs 638 crores. Net profit for Q2 closed at Rs 194 crores, up 12%, as against Rs 174 crores in the same period last fiscal.

Half Yearly Consolidated Performance Highlights
H1 FY 2022-23 (April-Sept) vs H1 FY 2021-22 – Revenue from operations was up 23% to close at Rs 11,898 crores, as against Rs 9662 crores in H1 FY22. Operating profit reported was Rs 1402 crores, up 16%, as against Rs 1205 crores. Net profit was up 28% to close at Rs 385 crores, as against Rs 302 crores in the same period last fiscal.

Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “We continued with our resolve towards profitable growth, despite the headwinds. Our cost control measures, and timely pricing actions, have helped maintain our profitability in a quarter where the raw material prices were at their peak. While the demand situation in India remained subdued, in Europe our growth was better than the market. With raw material prices tapering off, there is some respite going forward.”