Apollo Tyres Q1 profit rises 49% to INR 191 crore, Auto News, ET Auto

0

Apollo Tyres Q1 profit rises 49% to INR 191 crore

New Delhi: Leading tyremaker Apollo Tyres on Friday reported 49.21% increase in consolidated net profit to INR 190.68 crore for the June quarter 2022-23 on account of higher sales. The company has posted a net profit of INR 127.78 crore for the year-ago period.

The company’s board has approved raising INR 1,000 crore through issuance of non-convertible debentures (NCDs) on private placement basis in one or more tranches.

Revenue from operations during the period under review stood at INR 5,942 crore as against INR 4,584.47 crore in the year-ago quarter, Apollo Tyres said in a regulatory filing.

Total expenses were higher at INR 5,714.17 crore as against INR 4,462.63 crore in the corresponding quarter last fiscal year. Cost of materials consumed was higher at INR 3,405.46 crore compared to INR 2,356.33 crore earlier.

“Tighter control on costs, enrichment of product mix and timely pricing actions across markets helped us tide over the continued spike in raw material prices in Q1,” Apollo Tyres Chairman Onkar Kanwar said.

Both the Indian and the European operations did well in the first quarter and reported strong top line growth, aided by healthy demand across segments, especially passenger vehicle tyres, he added.