Q2 Result: Apollo Tyres Registers Net Profit Of 174 Crore

Tyremaker has posted a net loss of Rs 242 crore in the corresponding period last fiscal.

Apollo Tyres has posted a consolidated net profit of Rs 174 crore for the second quarter ended September.

The tyremaker has posted a net loss of Rs 242 crore in the corresponding period last fiscal.

Revenue from operations was up 18% to close at Rs 5077 crores as against Rs 4295 crores in Q2 FY21, said Apollo Tyres in a statement.

For the first half of the year (April – September), the company’s revenue closed at Rs 9662 crores, an increase of 35% over the same period last fiscal.

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Indian Operations witnessed a healthy revenue growth of 47% and 25% in the first half and second quarter respectively, while the European Operations also saw growth in revenue.

Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres Ltd said “We have seen a robust demand for our products across categories and across geographies, which is visible in the healthy revenue growth, both for the second quarter and in the first half of the fiscal. Some of the recent additions to our product offering, is helping us further extend our leadership in the commercial vehicle and passenger vehicle space in India.”

“Europe too, continues to grow, especially in the UHP and UUHP segment in PV category. The pressure on margin front continues, due to the rising raw material prices, despite taking multiple price corrections in the last few months.”

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