Apollo Tyre has reported first-quarter profit of INR2.52bn (US$37.57m) on net sales of INR42.49bn.
Net sales were up 30% aided by healthy growth both in India and Europe across product segments for the company. While Indian operations, backed by robust performance of the commercial vehicle and passenger car tyre segments, grew 32% to close at INR30.21bn, European Operation revenue was up 22% at INR12.42bn.
First quarter consolidated performance highlights:
- Q1 FY2018-19 (April – June) vs Q1 FY2017-18
- Net sales reported up 30% to close at INR42.49bn, compared to INR32.58bn
- Operating profit grew 102% to INR5.69bn as against INR2.82bn
- Net profit was up 185% to close at INR2.52bn, compared to INR880m in the previous fiscal
“All our operations have done well in the past quarter, and have reported a good set of numbers,” said Apollo chairman, Onkar Kanwar.
This is a result of planning and investments in capacities, both in India and Europe, in addition to increasing demand for our products with the OEMs, as well as, in the replacement market. Our growth momentum will continue despite the challenges posed by the raw material cost push, transporters strike and the new loading norms for commercial vehicles in India.”