Apollo Tyres has posted first quarter (to 30 June) profit of RsCrores315 (US$47m), while Indian Operations recorded revenue growth of 6%.
European Operations revenue grew 10%, while some new products introduced in the Indian market, including the newly launched two-wheeler tyres, have seen good demand, especially in the replacement market.
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Similarly, European Operations reported increased sales of passenger vehicle tyres.
Net sales increased 16% to Rs32.85bn from Rs28.32bn, while operating profit was Rs5.66bn, an increase of 8%.
“Despite the challenges posed by Chinese imports, we have seen increased demand for our products from both OEs and the replacement market across product categories in India,” said Apollo chairman, Onkar Kanwar.
“Our newly-launched two-wheeler tyres have also been very well accepted by customers. With increased truck-bus radial capacity kicking-in the next two to three months, we are well poised to a higher volume growth in the fiscal.
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By GlobalData“With the SAP issues resolved successfully in the past quarter, European Operations has also grown in the past quarter.”
