Apollo Tyres has announced its financial result for Q2 and H1 FY2023 with revenue of Rs 5,956 crore, up 17 percent YoY and Rs 11,898 crore, up 23 percent YoY respectively.
The net profit for the quarter came at Rs 194 crore, which was 12 percent higher YoY, while for H1 it came at Rs 385 crore, up 28 percent YoY.
The company says both Indian and European operations witnessed a healthy revenue growth in the second quarter, with Indian Operations growing upwards of 16% while European Operations growing more than 30% (in local currency terms).
Commenting on the company’s performance, Onkar Kanwar, Chairman, Apollo Tyres said “We continued with our resolve towards profitable growth, despite the headwinds. Our cost control measures, and timely pricing actions, have helped maintain our profitability in a quarter where the raw material prices were at their peak. While the demand situation in India remained subdued, in Europe our growth was better than the market. With raw material prices tapering off, there is some respite going forward.”
