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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“With the SAP issues resolved successfully in the past quarter, European Operations has also grown in the past quarter.”
