Apollo Tyres’ revenue up 30% in the 1st quarter

Gurgaon, India – The Board of Directors of Apollo Tyres Ltd approved the company’s unaudited results for the 1st quarter of the financial year 2022-23.

For the quarter ended June 30, 2022 Apollo Tyres Ltd, on a consolidated basis, reported a revenue of Rs 5942 crores. Both, Indian and European Operations performed well, with their revenues from operations increasing 38% and 14% respectively, as compared to the first quarter last fiscal.

Quarter 1 Consolidated Performance Highlights
Q1 FY2022-23 (April – June) vs Q1 FY2021-22
Revenue from Operations for the quarter increased 30% to close at Rs 5942 crores, as against Rs 4584 crores
Operating profit was up 22% at Rs 690 crores, as against Rs 567 crores
Net profit increased 49% to close at Rs 191 crores, as against Rs 128 crores in the last fiscal

Commenting on the company’s performance in the first quarter, Onkar Kanwar, Chairman, Apollo Tyres Ltd said, “Both, Indian and European Operations have done well during the past quarter and reported strong topline growth, aided by the healthy demand across segments, especially passenger vehicle tyres. Tighter control on costs, enriching of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in Q1.”